As we noted in yesterday’s FOMC Preview report, another rate hike this month was a “done deal” for the Federal Reserve, and Powell and Company delivered the expected 25bps increase as expected. The more interesting aspects of today’s release came from the central bank’s accompanying monetary policy statement and the quarterly Summary of Economic Pro...
In a world where financial media sensationalizes every US jobs report as “The Most Important Jobs Report Ever,” even the most bombastic personalities had to admit today’s release was relatively insignificant, at least as far as Non-Farm Payroll reports go.
In yesterday’s article, we highlighted the crosswinds impacting today’s speech by Fed Chairman Powell at the Jackson Hole Symposium, eventually concluding that, “Powell [should] maintain the same optimistic perspective he espoused at his Congressional testimony last month”
The big breakout in the US Dollar Index earlier this month had dollar bulls turning their eyes skyward toward 97.00, 98.00, and even 100.00, but based on last week’s price action, it may make sense for buyers to tap the brakes a bit.