Loading…
Fed Chair Jerome Powell suggested at a policy panel that two more Fed funds rate hikes are likely and that inflation may not reach the 2% target until 2025. The dollar strengthened and the Nasdaq closed higher.
U.S. crude rose 2.75% to $69.56 a barrel after a larger-than-expected inventory draw.
A stronger dollar and higher rate expectations weigh on commodity demand, while the crude gain reflects tighter oil supply that feeds into energy and freight costs for feed production.
reuters.comStephen CulpJun 28, 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.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% 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.
