Fed Chair Powell pushed the US dollar lower yesterday after indicating that rate cuts are on the horizon, a similar view to ECB President Lagarde earlier in the day.
‘If the economy does as expected, we think carefully removing the restrictive stance of policy will begin over the course of the year’, Powell said Thursday.is moving sustainably down to 2%. When we do get that confidence, and we’re not far from it, it will be appropriate to begin to dial back the level of restriction so that we don’t drive the economy into recession.’forecasts lower.
‘We are making good progress towards our inflation target and we are more confident as a result…But we are not sufficiently confident. We need clearly more evidence and more data. We will know a little more in April, but we will know a lot more in June.’lower. After posting a multi-week high of 105.02 on February 14th, the US dollar index has fallen steadily to a near-two-month low of 102.85. Over the same time frame, gold has rallied from a low of $1,984/oz.
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