"It's unlikely the Fed will be swayed from lowering interest rates as an insurance policy against future economic weakness", said Matthew Eidinger, FX trader at Cambridge Global Payments in Montreal.
Markets Insider is looking for a panel of millennial investors. "Our most hard problem is not our competitors, it is the Federal Reserve!".
With Fed rate cut odds climbing again, the US Dollar (via the DXY Index) has been knocked lower, keeping the threat of a major US Dollar top in place.
President Trump suggested on Tuesday that he could remove Federal Reserve Chairman Jerome Powell, one day before a critical interest rate decision in Washington by policymakers at the USA central bank. "Powell's fairly clear leaning to cutting rates now still signals a quarter point cut this month, with today's firmer core reading just one more reason why a 50 bp cut in July is much more unlikely". The Fed Funds rate is now 2.5%.
Federal Reserve Chairman Jerome Powell suggested that the central bank has room to ease as the tie between the inflation and jobless rates has broken down.
A trader shows US dollar notes at a currency exchange booth in Peshawar, Pakistan December 3, 2018.
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Fed's Powell affirms rate cut view; see U.S. economy humming
Markets are widely expecting the Fed will cut rates when its policymakers gather for their next meeting on July 30-31. Both men say a rate cut is needed to boost inflation expectations.
In a series of comments and tweets the USA president has accused the Fed of unnecessarily slowing the economy by not cutting rates.
On the topic of cryptocurrencies - which was briefly addressed during the testimony, Powell notably said that a system of cryptocurrency that achieves widespread adoption could diminish, or remove, the need for a federal reserve currency, adding that widespread adoption hasn't been seen quite yet.
WSJ Global Economics Editor Jon Hilsenrath and Belpointe Chief Strategist David Nelson on President Trump's comments on the Federal, Reserve, the outlook for Fed policy and the state of the US economy.
Above: Euro-to-Dollar rate shown at 4-hour intervals. The Fed has raised rates nine times since 2015, four increases coming under Powell's leadership.
The inflation data, however, had little bearing on a widely expected view of an interest rate decrease this month at the Fed's next monetary policy meeting, analysts said. But he cautioned that business investment has slowed, possibly as a response to ongoing trade tensions and a slowdown in the global economy. Get 3-5% more currency than your bank would offer by using the services of foreign exchange specialists at RationalFX. A specialist broker can deliver you an exchange rate closer to the real market rate, thereby saving you substantial quantities of currency.