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BBH said the dollar was struggling to recover after the Fed's hawkish hold, as Chair Warsh's inflation rhetoric failed to convince markets. The yield curve steepened, with lower front-end rate expectations and higher long-end inflation expectations, and BBH sees Brent staying in a $70 to $100 range.
A weaker dollar with credibility concerns could support USD-priced feed commodities, while oil-linked energy costs remain a source of input-price volatility.
fxstreet.comFXStreet Insights TeamJul 30, 2026After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
After 54 past neutral macro events, Crude Oil (Brent) moved a median +0.4% over 5 sessions (57% higher; middle half -2.8% to +2.5%), and +0.6% 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.
Doubts about Warsh's inflation rhetoric and lower front-end rate expectations kept the dollar under pressure on the day.
