
The Fed held rates at 3.75-4% on October 28, with Cook and Hammack dissenting for an immediate hike. The BEA reported that the PCE price index rose 3.6% year on year, and former Richmond Fed president Jeffrey Lacker criticized the lack of urgency.
The committee majority plans gradual quarter-point moves, including a possible December hike.
A slow path of hikes keeps policy restrictive for longer, supporting the dollar and tightening financial conditions. This can pressure dollar-denominated commodity prices and raise borrowing costs for the feed sector.
After 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.