Why does the Out-File adds an unexpected carriage return to file in PowerShell?

I try to retreive a pass and put it in a file.

The file can only contain that pass, but Out-File adds a carriage return for some reason.

I expect the file to only have one line and no carriage return after the password:

function Save-ArgoCDInitialPassword {
    $output = argocd admin initial-password -n argocd
    $password = $output | Where-Object { $_.Trim() -ne "" } | Select-Object -First 1
    $password = $password.Trim()
    $filePath = Join-Path -Path $PSScriptRoot -ChildPath "argocd_password.txt"
    $password | Out-File -FilePath $filePath -Encoding ascii
}