US DOLLAR RISING DESPITE SOFTER PMI DATA
- US Dollar holds its ground on Monday, rising despite softer PMI data.
- Market prices in 75 bps of Fed easing by year-end.
- Fed's Goolsbee pledged for “many cuts” will be needed next year.
The US economy is showing some signs of deceleration, but there are also some signs of the economic activity holding resilient. The Fed has stated that the pace of the easing cycle will depend on the incoming data.
On Monday, Fed's Goolsbee stated that rates need to come down adding that “many more rate cuts” will be needed. On the other hand, Minneapolis Fed President Neel Kashkari stated that the Federal Reserve is still focused on data to guide its decisions while Bostic commented that the recent half-point rate cut doesn’t establish a pattern for future cuts, also noting that risks to the labor market have grown.
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