
The Federal Reserve held rates at 3.75-4.00% in a 10-2 vote at its October 27-28 meeting, while signalling a December hike remains possible. HSBC maintains its strong USD view into 2027, expecting a volatile path.
A firmer dollar on the prospect of higher US rates tends to pressure dollar-priced commodities and weaken currencies of feed-importing emerging markets, raising their local costs for imported feed ingredients.
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.