ForexLive Asia-Pacific FX news wrap: USD/JPY surges in Asia response to FOMC 50bp rate cut – ForexLive
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Powell pushes back on suggestion Fed got behind in rate cuts
The Federal Reserve cut interest rates by half a percentage point on Wednesday and is expected to cut them by another half a percentage point at its two remaining meetings this year, signaling a faster pace of monetary stimulus than analysts had expected over the summer. The Fed now sees interbank lending rates falling to […]
GBP/USD holds steady as BoE rate call looms ahead – FXStreet
GBP/USD hits highest 30-month price following Fed rate cut. The BoE's interest rate forecasts are due to be released on Thursday but no changes are expected. UK retail sales are due to close the week on Friday. GBP/USD rose to a 30-month high on Wednesday, approaching 1.3300, after the US Federal Reserve cut interest rates […]
When will Americans feel relief from the Fed’s interest rate cuts?
The Federal Reserve's massive interest rate cut on Wednesday should lower interest rates on mortgages, auto loans and credit cards, but cash-strapped consumers shouldn't expect immediate relief, financial experts said. “It will probably take some time because we know there is a lag effect after interest rates are changed in a certain direction,” Ken Mahoney, […]
Fed chair Jerome Powell blames influx of illegal migrants for rising unemployment rate
Federal Reserve Chairman Jerome Powell on Wednesday blamed the migrant crisis for rising unemployment in the country after cutting interest rates by half a percentage point for the first time since the early days of the COVID-19 pandemic. “If millions of people join the workforce and 100,000 jobs are created, the unemployment rate is going […]
Trump weighs in on Fed rate cut during stop at Manhattan bitcoin bar
Former President Trump said Wednesday that the Federal Reserve's decision to cut interest rates is a sign that the economy is in trouble or that the central bank is playing “political games.” Ahead of a planned rally on Long Island, President Trump stopped by a self-described Bitcoin bar called Pub Key in New York City. […]
USD/JPY plunges after Fed delivers 50 bps rate cut – FXStreet
USD/JPY fell in response to the Fed's 50bps rate cut but has since recovered. The dot plot for the Fed's interest rate outlook also fell. Fed Chairman Powell eased initial market fears at a press conference. The US dollar fell to $140.80 against the Japanese yen on Wednesday after the Federal Reserve announced a 50 […]
Michelle Bowman votes against Fed half-point rate cut — first dissent since 2005
Federal Reserve Governor Michelle Bowman on Wednesday became the first Fed governor since 2005 to vote against the central bank's interest rate decision, rejecting Fed Chairman Jerome Powell's apparent consensus at a critical juncture. All 11 other voting members of the Federal Reserve Board of Governors voted in favor of lowering the Fed's policy rate […]
Fed rate cut on collision course with 2024 election politics
The Federal Reserve is set to cut interest rates by at least a quarter of a percentage point on Wednesday, putting the politically independent institution in the crosshairs of a bitter election in which inflation and economic pain are central issues. Fed Chairman Jerome Powell has faced criticism from both parties for months. Some Democrats, […]
US Dollar softens ahead of Fed rate decision – FXStreet
The US dollar is stabilizing as analysts are still debating the size of future rate cuts. Traders will likely sit and wait until a decision is made, followed by a press conference from Fed Chairman Powell. The US Dollar Index fell back on Wednesday after a small gain the previous day. Ahead of the Federal […]