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Fed Chair Jerome Powell described low inflation as likely transitory and said the Fed is not yet considering a rate cut. Markets had been pricing in a cut later in the year, and the core PCE rate fell to 1.6% in the first quarter.
Removing rate-cut expectations supports the dollar and tightens financial conditions, which weighs on commodity prices quoted in dollars.
cnbc.comPatti DommMay 1, 2019After 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.
