Fed’s Chair Powell pushed back against 75-bps raises but kept 50-bps “on the table.”The USD/CAD trims Wednesday’s losses and is approaching March’s 15 daily highs around 1.2871 after the Federal Reserve raised interestThe market sentiment is dismal, as USare trading in the red, posting losses between 2.65% and 4.46%. The greenback is poised to test the 104.000 mark, up 1.21% during the day, while the US 10-year Treasury yield rose to 3.
The Federal Reserve May meeting left traders with a 50-bps increase in the Federal Funds Rate . Also, the US central bank announced that it would reduce its $8.9 trillion balance sheet on June 1 by $47.5 billion, $30 billion of US Treasuries, and $17.5 billion of mortgage-backed securities .pushed back against 75-bps increases but would not discount 50-bps hikes in a couple of more meetings. Money market futures odds of another 50-bps raise in June are 100%.
On Thursday, the US economic docket featured Initial Jobless Claims for the week ending on April 29, which increased to 200K from 182K foreseen by analysts. The report notes that labor costs surged to 11.6%, showing the tightness of the job market., the Canadian docket will feature Canadian employment figures. Analysts at TD Securities wrote in a note that they expect another 40K jobs to be added to the economy.
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