July 11, 2024
Dollar dips as Fed's Powell set to testify for second day
“Powell took a relatively cautious approach,” said Karl Schamotta , chief market strategist at Corpay in Toronto. “But there were enough dovish hints within his narrative to help risk appetite improve in markets.” “The idea that the labor market is no longer generating the inflation pressure that the U.S. economy was struggling with, and that the Fed was trying to counteract, is helping to reduce the likelihood of further rate hikes and also put a September rate cut more firmly on the table”.