The dollar held gains on Thursday after minutes from the Federal Reserve's ...
TOKYO - The dollar held gains on Thursday after minutes from the Federal Reserve’s last policy meeting hosed down some aggressive expectations the central bank would embark on a series of deep interest rate cuts.
His comments are of particular interest after an inversion in the Treasury yield curve highlighted the risk that the U.S. economy may fall into recession. While the Fed’s minutes tempered some dovish expectations, markets still broadly expect further rate cuts as growth slows. At the Fed’s last meeting in July, the U.S. central bank cut interest rates for the first time in a decade to 2.00-2.25%. The Fed next meets Sept. 17-18.Against the Swiss franc, the dollar traded at 0.9822, close to a two-week high of 0.9831.
Benchmark 10-year Treasury yields gained after the minutes, but interest rate futures are pricing in a 100% probability of a rate cut at the Fed’s September meeting, a 75% chance of an additional cut in October, and a 48% likelihood of another cut in December, the CME’s FedWatch tool shows.
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