Wall Street closes lower as Fed officials project rate hikes for 2023

After 2,356 past bullish macro events, DXY moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.

• Jun 16, 2021Gold slides over 1% after Fed projects rate hikes into 2023+1.4%
• Dec 19, 2018Gold falls as Fed raises rates, indicates further hikes for 2019-0.3%
• Aug 16, 2023Fed officials divided in July over need for more rate hikes, minutes show | Reuters+0.1%
• Jun 14, 2023US dollar falls, but off four-week lows, as Fed signals more rate hikes | Reuters-0.4%
• Aug 2, 2022Dollar jumps vs yen as Fed officials hint more rate hikes coming | Reuters+0.4%

After 301 past bearish macro events, CORN moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +0.2% over 20.

• Jun 16, 2021Dollar jumps after Fed pulls interest rate hikes into 2023 | Reuters-2.3%
• Jun 17, 2021Dollar surges to two-month high on Fed rate-hike projection-2.4%
• Mar 8, 2023The U.S. dollar bounces to 2023 high as Fed’s Powell signals higher rates - MarketWatch-1.6%
• Mar 21, 2018Fed hikes rates and raises GDP forecast again-0.0%
• Sep 23, 2021Gold prices ease as dollar firms on Fed rate hike comments | Financial Post+1.3%