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On September 18th, Nick Timiraos, the "Federal Reserve mouthpiece," stated: "When the Federal Reserve cut interest rates on Wednesday, it superficially looked like a routine monetary policy operation. The market reaction was relatively muted, and Chairman Jerome Powell largely avoided the heated disagreements sparked by the decision, despite it occurring against the backdrop of unprecedented political confrontation." The policy shift initiated by Powells rate cut on Wednesday may represent his last effort to demonstrate that an independent US central bank remains capable of guiding the economy in a complex environment, rather than surrendering its independence before officials more aligned with President Trumps priorities gain greater control. Powells term as chairman will end next spring. For the third time in his tenure, Powell attempted an extremely delicate maneuver: cutting interest rates not because a recession is imminent, but to prevent one.Nick Timiraos, the "Federal Reserve mouthpiece": This is the third time under Powells leadership that the Fed has begun cutting interest rates without facing a significant economic downturn. But given the more difficult inflation situation and political factors (the White Houses confrontational nature), the stakes in 2019 and 2024 will be different than they are now.New York Times CEO: Trump is using an "anti-media strategy."The Federal Reserve cut interest rates by 25 basis points as expected. Why did gold prices briefly rise before retracing all gains? Has the actual impact of previous interest rate adjustments truly lived up to expectations? The Futures Focus Timeline provides a summary.Japanese Chief Cabinet Secretary Yoshimasa Hayashi: We are monitoring the impact of the US economic situation on Japan.

AUD/NZD has not changed from 1.1230 despite RBA Lowe's testimony

Daniel Rogers

Sep 16, 2022 14:54

截屏2022-09-16 上午10.02.37.png 

 

There has been no movement in the AUD/NZD pair throughout the Tokyo session despite evidence from Philip Lowe, governor of the Reserve Bank of Australia (RBA). Despite a recent dip, the asset is trading within a narrow range of 1.1220 to 1.1232. Tuesday's attempt to break through 1.1258 was unsuccessful, and the asset subsequently fell. The likelihood of a negative reversal has grown due to the presence of strong selling pressure at current elevated levels.

 

As Lowe testified, he plans to do so, inflationary pressures will be reduced. The RBA is not as eager as some other central banks would be to attain price stability if it meant sacrificing economic development.

 

Although the central bank is not following a set course, market participants should keep in mind that the RBA has pegged an objective for the Official Cash Rate (OCR) of 3.85%. RBA Despite his conviction that "labor cost rise is consistent with inflation returning to goal," Lowe has painted a bleak outlook for the economy.

 

Earlier, the Aussie bulls were under pressure after weaker-than-expected job data was released in Australia. Statistics on Employment Change fell short, coming in at 33.5k instead of the expected 35k. The economy reported 40,900 job losses in July. The increase in the unemployment rate was also quite large, coming in at 3.5% compared to 3.4% forecasted and 3.4% reported previously.

 

As for New Zealand, the bullish Business NZ PMI data released early in the Tokyo session has not caused a notable reaction from kiwi buyers. Numbers for the economy were better than expected, coming in at 54.9 versus 52.5 and 52.7.

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