The S&P 500 broke out and set a fresh six-week-high on the back of the Federal Reserve’s 75 basis point rate hike. The US Dollar pulled back to support while erasing the bulk of gains from earlier in the week.
There were building fears of a possible 100 basis point hike at this rate decision so the fact that it came in at 75 may have disappointed some of those exuberant rate hike bets. But, throughout the press conference,Chair Jerome Powell had a number of comments that could be read as supportive for risk, remarking that the slowdown in Q2 was notable and that job creation, while still robust has slowed.
Powell also pointed to PCE as an inflation gauge and something that the bank will be watching closely. He said at some point it will be appropriate to slow down rate hikes, and there just so happens to be a PCE release on theSo, likely, we will see this theme remain centerstage for the next few days as tomorrow brings GDP and Friday brings PCE followed by the University of Michigan Consumer Sentiment., the Dollar remains perched near recently created 19 year-highs.
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