# Fed: Cuts questioned as inflation risks build – Nordea

> Nordea analysts argue that Fed rate cuts are unlikely because higher energy prices, tight labour markets and inflation near 3% are feeding into persistent price pressure. They expect the policy rate to stay unchanged.

- Date: 2026-04-17 · published 2026-04-17T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/19649-fed-cuts-questioned-as-inflation-risks-build-nordea
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Sustained higher US rates support the dollar and raise financing costs for commodity holders. The view that cuts are off the table removes a potential tailwind for commodity prices.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2021-10-22 | [Powell says inflation risks rising, but Fed can be 'patient' \| AP News](https://feedsoft.ai/events/44436-powell-says-inflation-risks-rising-but-fed-can-be-patient-ap-news.md) | -0.2% | +1.4% |
| DXY | 2019-10-31 | [Euro rises as dollar weakens on questions about more Fed rate cuts](https://feedsoft.ai/events/56782-euro-rises-as-dollar-weakens-on-questions-about-more-fed-rate-cuts.md) | -0.1% | +0.8% |
| DXY | 2024-03-15 | [DXY gains on inflation risks as FOMC looms \| Convera](https://feedsoft.ai/events/31470-dxy-gains-on-inflation-risks-as-fomc-looms-convera.md) | +0.5% | +1.1% |
| DXY | 2024-08-30 | [US dollar rises broadly as inflation data underpins smaller Fed cut](https://feedsoft.ai/events/28980-us-dollar-rises-broadly-as-inflation-data-underpins-smaller-fed-cut.md) | +0.2% | -0.9% |
| DXY | 2025-04-22 | [Fed's Kugler, citing inflation risks, supports steady policy rate](https://feedsoft.ai/events/25042-fed-s-kugler-citing-inflation-risks-supports-steady-policy-rate.md) | +0.3% | +0.1% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/fed-cuts-questioned-as-inflation-risks-build-nordea-202604171213

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.