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The precision in the central bank’s timing for taper is very hawkish, even as it says rate hikes are far away. Investors braced for a dance around taper timing, but with inflation expected to remain elevated “for months before moderating,” the time has come to act. The dot plot provided the first hint of hawkishness, with nine members favoring a 2022 rate hike, up from seven. The PCE forecasts, which are measures of inflation, were also revised sharply higher for 2021, 2022 and 2023. Powell sealed the deal during his press conference by confirming that barring any unexpected shocks, a taper announcement will be made at the central bank's next meeting in November. Although the U.S. dollar’s initial gains were limited, today’s announcement should be positive for the greenback, particularly against the Japanese Yen.
The major currency pair is rather neutral early in the week – the asset is trading at 1.0567.EUR/USD is barely moving – all comments left by the US Fed Chairman Jerome Powell last...
Welcome to a new trading and central bank rate-hike week. After an unexpectedly higher U.S. inflation reading last Friday, chances for a 75bp Federal Reserve rate hike at the...
Australia’s Reserve Bank (RBA) has published its monthly Monetary Policy Decision statement with an astonishing rise in the official cash rate (OCR) of 50 basis points, up to...
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