12.01.23
Reuters: Shares gain, dollar slips as Fed's Powell sounds caution
"Powell did his utmost to subtly convince markets of the Federal Reserve's commitment to holding rates in restrictive territory for a prolonged period of time… But we doubt this will deter investors betting on a dramatic pivot in early 2024… By providing the terms - and the timeline - for a rules-based reduction in policy rates next year, Governor Waller earlier this week cleared the way for a sustained, data-driven decline in yields and the dollar." - Corpay’s Karl Schamotta