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RSM Chief Economist Joseph Brusueras: Warsh delivered the right hawkish signals at the press conference and attempted to reinforce the Fed’s credibility in restoring price stability, while also enhancing his own credibility.U.S. stocks continued to decline after the Walsh press conference, with the S&P 500 falling 1%, its biggest drop since July 29, the Dow Jones Industrial Average down 1.65%, and the Nasdaq Composite down 0.6%.On September 17th, Federal Reserve Chairman Warsh declined to answer questions at a press conference regarding his interactions with US President Trump. Trump has been calling for lower interest rates in recent months. Warsh stated, "I have no comment on my discussions with the president." White House Council of Economic Advisers Chairman Christopher Phelan said on Tuesday that raising interest rates would be a "mistake."On September 17th, Federal Reserve Chairman Warsh stated that he would not disclose details of future interest rate decisions by the Federal Open Market Committee (FOMC). He said, "I am not responsible for providing forward guidance. Our decision today (to raise interest rates) is a carefully considered, serious, and responsible one. We have been preparing for and thinking about this decision for the past 110 or 120 days." Warsh also stated that this decision was not market-driven. He said, "Our decision today is based on our assessment of the current situation, our judgment of the employment trend, and our assessment of the strength of the economy. Sometimes, the market tries to anticipate our decisions. I watch market prices to see what information the market is sending. But todays decision is our own."On September 17th, Warsh stated that while the Federal Reserve cannot prevent price shocks in commodities such as oil on its own, the central bank can use policy tools to prevent further spread of inflationary pressures. Warsh said, "We cannot influence the price of any single commodity, such as oil or groceries." However, he pointed out, "We can and will ensure that any changes in relative prices do not spread further, and do not have second- or third-order effects on the economy. Thats our responsibility, and thats what were doing." Warsh made these remarks as U.S. diesel prices hit a record high due to the Iran war.

AUD/USD is stuck at 0.6900 and is unwilling to move

Daniel Rogers

Jul 20, 2022 11:56

 截屏2022-07-20 上午10.04.27.png

 

Phillip Lowe, the governor of the Reserve Bank of Australia, is now on the record saying that a hike in the cash rate is coming soon. The AUD/USD exchange rate is frozen at 0.69 as traders look for any hint from the governor of a 75 bp hike. However, so far in the speech, there has been no mention of such an increase.

 

The RBA said in its minutes that it is prepared for additional monetary tightening to go along with its most recent unexpectedly large rate increase, and officials vowed to continue to be steadfast in their fight against skyrocketing inflation. This led to an increase in the Australian dollar on Tuesday. In light of the tight labor market and impending inflation, the board noted that current interest rates were "still reasonably modest."

 

The governor brought up the most recent job statistics, which were released last week. According to this, Australia's net employment rose by 88,400 from May to June, which was more than three times the market expectation of a 30,000 rise. At the same time, the jobless rate decreased to a 48-year low of 3.5 percent. The Australian dollar is anticipated to appreciate along with threats from rising global inflation.


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