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The backing vocalists at the Federal Reserve have stepped up to the mic, joining the hawkish chorus of voices calling to withhold interest rate cuts. Raphael Bostic chimed in on Thursday saying that inflation needs to draw closer to targets before bringing down borrowing costs. The Atlanta Fed President even went on to say that should inflation continue to veer off course then further rate hikes were not out of the question. New York Fed President John Williams echoed much of the same, saying there was no urgency to cut rates and that any decision to do so would be data-driven.
Despite a minor pullback on Wednesday, the DXY remains firmly above 106, putting pressure on other major currencies. Both the Euro and Cable are currently hovering around 6-month lows versus the Dollar, which is to say nothing of the Yen, which is now facing 35-year lows versus the greenback. The Bank of Japan has yet to establish a position on whether it will step in to defend the 155 level the currency pair is currently brushing up against.
Fears of higher interest rates for longer weighed heavily on US stocks this week. The Nasdaq Comp in particular is already down 3.5% since Monday, the DJI and S&P 500 also losing 0.55% and 2.2% respectively so far.
Uncharacteristically, gold has not set a new record high since Tuesday, content to consolidate under $2,400 an ounce for the time being. Oil prices are down this week following reports of another weekly build in crude inventories; Brent Crude is now back down to $86 a barrel, WTI down to $82.
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