– A decisive week for USD with NFP and more

📆 10/25/2024 8:43 AM

NFP News

GDP, Inflation, Macroeconomics

📆 10/25/2024 8:43 AM
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All eyes on US data as Fed turns hawkish again The Federal Reserve’s surprise decision in September to cut rates by a larger-than-expected 50-basis-points seems like a distant memory now, as policymakers are once again sending out hawkish soundbites.

A crucial week lies ahead with US jobs report, advance GDP and PCE inflation. The Bank of Japan is expected to hold rates, but will it flag a year-end hike? Flash GDP and CPI data for the euro area are also hotly anticipated. Australian quarterly CPI and UK budget on the agenda too. US economic indicators since the September meeting have been on the strong side, including the CPI report, with Fed officials cautioning that another 50-bps cut is unlikely in the near term.

However, despite policymakers’ clear intention to continue the normalization of monetary policy and raise rates even higher, inflation appears to be settling around the BoJ’s 2.0% target, lessening the need for further tightening. The most recent commentary from Governor Ueda and other board members suggests a rate hike is not forthcoming on Thursday when the Bank announces its October decision.

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