
Cleveland Fed President Beth Hammack said gradual rate increases are the best way to move monetary policy into a restrictive stance and return inflation to 2%. She described inflation as too high and moving in the wrong direction, and emphasized the importance of Federal Reserve independence.
Hammack's hawkish comments may support the US dollar and tighten financial conditions, which can weigh on dollar-priced feed commodities. They add to expectations for further rate increases but do not constitute a new Fed decision.
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.