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New York Fed President John Williams published remarks arguing that inflation, at 3.5% on the PCE measure, is still too high despite falling from its 2022 peak. He described the outer layer of inflation as globally traded commodities including grains and oil.
The speech signals sustained tight monetary policy, which supports the dollar and tends to pressure commodity prices. Its direct effect on feed markets is limited.
tellerwindow.newyorkfed.orgJohn C. WilliamsSep 29, 2023After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.
