# Commodities try to shrug off Powell's hawkish message about consecutive hikes | MarketPulse by OANDA Group

> Commodities were volatile after Fed Chair Powell signaled possible consecutive rate hikes at a forum. The dollar initially firmed before the gains faded. Crude rallied after an EIA report showed a large inventory draw and strong demand indicators, while gold fell to a three-month low.

- Date: 2023-06-28 · published 2023-06-28T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/35418-commodities-try-to-shrug-off-powell-s-hawkish-message-about-consecutive-hikes
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Hawkish Fed signals support the dollar and cap commodity gains, while the crude draw and firm demand signals give energy some support for input costs.

## Read by commodity

- DXY: bullish ▲
- WTI: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2022-09-29 | [Australian dollar remains volatile \| MarketPulse by OANDA Group](https://feedsoft.ai/events/39836-australian-dollar-remains-volatile-marketpulse-by-oanda-group.md) | -1.0% | -1.1% |
| DXY | 2023-07-27 | [EUR/USD - Euro sinks as ECB signals a September pause is possible \| MarketPulse by OANDA Group](https://feedsoft.ai/events/35252-eur-usd-euro-sinks-as-ecb-signals-a-september-pause-is-possible-marketpulse-by.md) | +1.2% | +1.9% |
| DXY | 2023-03-07 | [Oil and Gold Prices Slump As Powell Signals Further Rate Hikes to Come - Markets Insider](https://feedsoft.ai/events/36780-oil-and-gold-prices-slump-as-powell-signals-further-rate-hikes-to-come-markets.md) | +0.3% | -1.0% |
| DXY | 2022-04-25 | [Fed’s hawkish stance keeps commodity markets under pressure](https://feedsoft.ai/events/41759-fed-s-hawkish-stance-keeps-commodity-markets-under-pressure.md) | +1.2% | +1.1% |
| DXY | 2021-11-30 | [Gold retreats as Fed's Powell strikes hawkish tone](https://feedsoft.ai/events/43957-gold-retreats-as-fed-s-powell-strikes-hawkish-tone.md) | -0.4% | -1.0% |
| WTI | 2025-09-01 | [The Commodities Feed: Jerome Powell provides a boost to most markets](https://feedsoft.ai/events/23246-the-commodities-feed-jerome-powell-provides-a-boost-to-most-markets.md) | -2.7% | -0.4% |
| WTI | 2025-08-25 | [The Commodities Feed: Jerome Powell Provides a Boost to Most Markets \| Investing.com](https://feedsoft.ai/events/23251-the-commodities-feed-jerome-powell-provides-a-boost-to-most-markets-investing.md) | +0.5% | -1.7% |
| WTI | 2020-01-27 | [Due to oil prices on the world market, the prices of all commodities are rising – Lider Media](https://feedsoft.ai/events/55169-due-to-oil-prices-on-the-world-market-the-prices-of-all-commodities-are-rising.md) | -4.7% | -5.1% |

## Sources

- marketpulse.com: https://www.marketpulse.com/news/commodities-try-to-shrug-off-powells-hawkish-message-about-consecutive-hikes/

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