Citigroup currency strategists have turned bearish on the U.S. dollar as markets prepare for a less hawkish Federal Reserve, the midterm elections and expanded U.S. Treasury debt buybacks. The team led by Daniel Tobon cut its three-month dollar index forecast to 98.34 from 102.12 in a Thursday research report. The shift followed a warning that U.S. Treasury Secretary Scott Bessent’s plan to expand buybacks of 10- to 30-year Treasury debt to reduce long-term borrowing costs could weaken the dollar. The dollar index fell to its lowest level since May the previous day before trading mostly flat at 98.9. Tobon and his colleagues said their stance had been more neutral in recent months and warned that risks could rise over the coming months.