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Atlanta Fed President and 2027 FOMC voting member Raphael Bostic will speak on the economic outlook in ten minutes.Amazon (AMZN.O): Users aged 18 to 24 can now join the newly upgraded membership plan for just $7.49 per month.On August 21st, Nick Timiraos, a "Federal Reserve voice," wrote in his latest article: The minutes of todays policy meeting show widespread support for the Federal Reserves decision to hold interest rates steady last month, despite two dissenting officials arguing for a rate cut. However, a few officials have aligned themselves with Waller and Bowman, suggesting they may support a rate cut at the Feds next meeting on September 16-17. They said the slower-than-expected transmission of tariff increases to consumer prices should alleviate concerns about a new inflationary shock from rising import costs. However, inflation hawks noted that price pressures, including for services, have increased since last months meeting. Kansas City Federal Reserve Bank President Schmid said in a speech last week that tariffs have had a limited impact on inflation, in part because the Fed has held interest rates steady. Unlike Bowman, who has been calculating inflation after tariffs, Schmid has pledged never to make such a calculation, calling it "a concept that is neither meaningful nor measurable."Nick Timiraos, the "Federal Reserve mouthpiece": The Feds meeting minutes showed that the decision to keep interest rates unchanged last month was widely supported. The minutes suggested that if it were not for the disappointing revision of employment data released two days after the meeting, the possibility of a September rate cut would have been very uncertain.Financial blog Zero Hedge stated that stablecoins were mentioned eight times in the Federal Reserve meeting minutes.

The Dollar Falls And Oil Prices Rise When The Fed Raises Interest Rates

Skylar Williams

Feb 02, 2023 11:57

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The dollar fell as the U.S. Federal Reserve boosted interest rates by 25 basis points, pushing oil prices up in early Asian trade on Thursday.


Brent crude futures increased by 56 cents, or 0.7%, to $83.40 per barrel, while West Texas Intermediate (WTI) crude futures increased by 65 cents, or 0.8%, to $77.05 per barrel.


Wednesday, the Federal Reserve increased its target interest rate by a quarter of a percentage point and reaffirmed its commitment to "continuous rises" in borrowing rates as part of its ongoing fight against inflation.


The U.S. central bank acknowledged explicitly the progress done in reducing the rate of price increases from the 40-year highs reached last year.


A weakening dollar makes oil priced in U.S. dollars less expensive for holders of foreign currencies, hence increasing demand.


The U.S. dollar ended the session at 101.15, down 0.3% against a basket of currencies.


In light of the European Union's February 5 ban on Russian refined products, prices are also rising.


Diplomats said EU governments will seek a consensus on a European Commission proposal to establish price ceilings on Russian oil products on Friday, after postponing a decision on Wednesday due to disagreements among member states.


Last week, the European Commission suggested that, beginning February 5, the European Union impose a price restriction of $100 per barrel on premium Russian oil products such as diesel and a price cap of $45 per barrel on discounted items such as fuel oil.



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