Dollar strengthens against major currencies After many US Federal Reserve officials (Fed) continued to express their opinions supporting interest rate hikes. Despite the signs that inflation has slowed
As of 12:06 a.m. PST, the dollar was 0.37% higher to 133.49 yen, while the euro was down 0.19% to 136.96 and 0.52 percent to $1.026. The index measures the dollar’s movements against six major currencies in a basket of currencies, up 0.54% to 105.66.
Chicago Fed President Charles Evans said the consumer price index (CPI), which indicates US inflation slowed in July. This is the first “positive” data since the Fed began tightening its monetary policy.
However, Mr Evans said Inflation remains unacceptably high. And the Fed needs to continue raising interest rates.
San Francisco Fed President Mary Daly said it was too early for the Fed to declare victory in the fight against inflation.
She also did not rule out the possibility of the Fed raising interest rates by 0.75% for the third time in a row at the September meeting.
Investors are keeping an eye on the Fed’s annual meeting in Jackson Hole, Wyoming, this month for signs of the Fed’s interest rate direction.
meeting in Jackson This year’s hole will take place Aug. 25-27, titled “Reassessing Constraints on the Economy and Policy”.
The meeting in Jackson Hole is a meeting that has received a lot of attention. by central bank governors, finance ministers, academics and financial experts from countries around the world will travel to attend the meeting The highlight will be at the then-Fed chair’s speech expressing his vision of the Fed’s monetary policy. and the US economic outlook
At this year’s Jackson Hole meeting, Powell is expected to signal the direction of US interest rates. After inflation began to slow down in July.
In an earlier statement to Congress Mr Powell said The Fed is committed ‘Unconditional’ in price stabilization This indicates that the Fed is ready to take on the risks that may arise. so that the economy can avoid the dire situation of uncontrollable inflation causing long-term damage.
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