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The FOMC's March 22 statement raised the fed funds range to 4.75%-5.00% and added language that the US banking system is sound but that recent events will tighten credit. The statement replaced ongoing rate increases with additional policy firming, implying possibly one more hike.
Signals that tightening is nearly complete and that credit conditions will tighten can weigh on the dollar and on economic activity, which affects demand for livestock and feed. The effect on feed prices is indirect.
currencythoughts.comMar 22, 2023After 4,478 past macro events, US Dollar (Broad) moved a median +0.0% over 5 sessions (51% higher; middle half -0.4% to +0.5%), and +0.1% 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.
