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Fed Chair Powell said rate cuts would not be appropriate until there is greater confidence that inflation is moving toward the 2% target. The central bank kept its overnight rate in the 5.25%-5.50% range.
Markets are reading the remarks as a signal that easing is on the horizon as inflation cools.
Expected future rate cuts support a weaker dollar over time, which tends to lift dollar-priced commodities such as grains and oilseeds. The timing of cuts remains uncertain.
reuters.comHoward Schneider, Lindsay DunsmuirJan 31, 2024After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
