In case you missed the headlines:
Trump asked GOP leaders if he should fire PowellBloomberg: Pres Trump likely to fire Feds Chair Powell soonTrump: Fed Chair Powell is too late, but he does not planning on doing anythingTrump’s Fed feud escalates: Powell stays, for nowTrump says it will disrupt market if he removes Fed Chair PowellJP Morgan CEO Jamie Dimon says Federal Reserve’s independence is “absolutely critical”Goldman Sachs CEO Solomon said Federal Reserve independence “super important”
Amid the rush of headlines above, markets were sent for a wild ride yesterday. The dollar fell sharply initially while stocks fell and bonds were strongly bid. All of that retraced eventually of course as Trump's firing threat receded, putting broader markets back to square one.
The September meeting will be a heated debate though, with traders pricing in ~62% odds of a rate cut for that meeting. There will be two more CPI reports (12 August and 11 September) in the run up to that. The former will be crucial as policymakers can still use that to guide market expectations. As for the latter, it will come during the Fed blackout period so it will be a tricky one unless policymakers have already set out clear guidance ahead of the 17 September meeting decision.
Trump is pressuring the Fed to act quickly but with evidence of tariffs slowly seeping into inflation starting to come about, the clock is definitely ticking. Things might be more evident in the next two reports, so they will be key risk factors in swaying Fed odds in the month ahead.
For now at least, we just have continue to deal with all the drama. There's never a dull day at least, not even in the summer.
This article was written by Justin Low at www.forexlive.com.Hence then, the article about there s never a dull day with trump in charge was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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