The U.S. dollar hovered near its lowest levels since February 2022 against a basket of major currencies during Wednesday’s trading, pressured by cautious remarks from Federal Reserve Chair Jerome Powell and growing concerns over the financial implications of a massive spending bill introduced by former President Donald Trump.

The dollar hit its lowest level against the euro since September 2021 and fell to its weakest point against the Swiss franc since January 2015, reflecting mounting pressure on the U.S. currency.

Speaking at the European Central Bank’s annual forum in Sintra, Portugal, Powell emphasized that the Fed is adopting a “patient” approach regarding interest rate cuts. He added that a rate cut during this month’s meeting is still on the table but depends entirely on upcoming economic data.

The dollar’s moves come as markets await the impact of the tax and spending bill passed by the U.S. Senate earlier this week. The legislation is expected to add trillions of dollars to the national debt, raising investor concerns about the stability of the U.S. fiscal position.