Breaking: Fed chair Powell speech sends US Dollar lower – by FXstreetNews Breaking Fed
Time to moderate pace of rate hikes may come as soon as december meeting. 'It seems to me likely' rates must ultimately go 'somewhat higher' than policymakers thought in September.History cautions strongly against prematurely loosening policy.We will stay the course until the job is done.October inflation data was 'welcome surprise,' will take 'substantially more evidence' to give comfort inflation is actually declining.
Meanwhile, since the November 2 presser, markets have tuned into other Fed officials who have been framing the bank’s message. There have been conflicting tones from officials with, for instance, Fed vice chair Lael Brainard who has played up the move to smaller hikes, while others such as St Luis CEO, James Bullard, have played up the need for even higher rates.
Fed's Powell said today, ''it seems to me likely' rates must ultimately go 'somewhat higher' than policymakers thought in September.''Nevertheless, the dollar index, DXY, has fallen on the initial release of the speech from the 107 area to test below 106.70. It remains above the low made of 106.29 on the day but was below the 20-year high of 114.78 on Sept. 28.
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