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February 19th - Federal Reserve officials reiterated their concerns about inflation, with several policymakers suggesting that the central bank may need to raise interest rates if inflation persists above target. The minutes of the Feds January meeting revealed that "several participants indicated they would have supported a two-way description of the Committees future interest rate decisions, reflecting that raising the target range for the federal funds rate might be appropriate if inflation remains above target." The minutes also showed that "the vast majority of participants judged that downside risks to employment had eased in recent months, but risks to persistent inflation remained." According to the latest minutes, one group of policymakers believed that further rate cuts were unlikely, at least in the near term. The minutes stated: "Several participants cautioned that further easing of policy against the backdrop of high inflation readings could be misinterpreted as a weakening of policymakers commitment to the 2% inflation target."February 19th - The minutes of the Federal Reserve meeting revealed that several participants believed further interest rate cuts were more likely if inflation fell as they expected, but most indicated that inflation was likely to progress more slowly than generally anticipated. At its January meeting, the FOMC voted 10-2 to maintain the benchmark federal funds rate in the 3.5%-3.75% range. Waller and Milan voted against a 25 basis point cut. The committee removed wording regarding increased downside risks to employment from the previous three statements. Data released since the Feds January meeting shows accelerating economic growth, slowing inflation, and a stabilizing labor market. According to the Bureau of Labor Statistics, the Consumer Price Index (CPI) rose slightly in January, influenced by lower energy costs. The core CPI (excluding food and energy) rose in line with expectations.Federal Reserve meeting minutes: Federal Reserve staff have a stronger outlook on economic activity than in December, expecting inflation to be slightly higher than previously anticipated and the unemployment rate to gradually decline starting in 2026.Federal Reserve meeting minutes: A minority of participants favored a rate cut in January.Federal Reserve meeting minutes: Several participants believed that further rate cuts could undermine market perception of the commitment to the inflation target.

The USD/JPY crosses the 135.00 mark as the DXY rises ahead of US inflation

Daniel Rogers

Aug 10, 2022 11:32

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The USD/JPY pair is climbing northward during the Asian session in an attempt to retake its two-week high at 135.58. The asset's price turned positive on Monday as a result of the abundance of bids that occurred near 134.50. The USD/JPY pair's two-day consolidated activity shows that market participants are anxiously awaiting the release of the US Consumer Price Index (CPI).

 

Investors expect a decrease in price pressures this time, thus the release of the US inflation report is crucial. The investment community is aware that the crisis between Russia and Ukraine sharply increased oil prices, which continued to be essential to pressures on global costs.

 

A more than 11% drop in oil prices in July contributed to the black gold's continued sluggishness and lowered inflation expectations. The market anticipates that the inflation rate will decrease from 9.1% to 8.7%. The core CPI, which does not include food and oil, is anticipated to increase to 6.1% from the previously announced 5.9%. It appears that the demand for durable goods is rapidly increasing again. The US dollar index (DXY) is currently aiming to surpass the 106.40 immediate barrier.

 

The yen bulls are circling Tokyo as a result of Japan's government reorganization. Finance Minister Shunichi Suzuki will probably remain in the cabinet after this week's reorganization by Japanese Prime Minister Fumio Kishida. All eyes will now be on the Japanese government's efforts to raise the labor cost index, which is essential for keeping inflation over 2%.


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