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On July 30th, Federal Reserve Chairman Warsh stated that since the June meeting, financial markets have already priced in most of the effects of the Feds tightening policy, therefore he does not agree with describing the decision to maintain interest rates as a "pause." Warsh said, "I wouldnt call todays decision a pause in any sense. If you have to label it a pause, then the performance of the financial markets shows the opposite." Since the Feds mid-June policy meeting, the yields on both 2-year and 10-year U.S. Treasury bonds have risen by approximately 20 basis points. Warsh pointed out that during this period, financial markets did not "pause" their adjustments, but rather continuously repriced based on inflation data and economic growth performance: on the one hand, inflation data influenced market expectations; on the other hand, strong economic growth pushed both nominal and real interest rates higher. He stated, "Today, the Fed did not explicitly adjust the policy rate, thats true. But I think this is just the beginning of the whole policy story, not the end."Canadas Minister for Trade to the United States said he held comprehensive talks with U.S. Trade Representative Greer, and both sides agreed to maintain close contact.On July 30th, Federal Reserve Chairman Warsh told reporters that he does not believe there is a general "conflict" between the central banks dual mandate—maximum employment and price stability. "My judgment is that when we fulfill our mandate, we will achieve both goals simultaneously," Warsh said, adding that there is no either-or choice regarding inflation and employment. "Neither part of our mission has been forgotten," he said, noting that what is truly damaging the markets is the problem of high and volatile inflation.US President Trump: Federal Reserve Chairman Warsh has a council, and its a political council. Warsh wants to see lower interest rates.US President Trump: Federal Reserve Chairman Warsh is excellent.

USD/CAD Bears In Control And Aiming At Support Zone Lows

Alina Haynes

Apr 04, 2023 13:53

USD:CAD.png 

 

The USD/CAD exchange rate is unchanged on the day after a succession of negative impulses drove the price into new territory to the downside and deeper into a support region as a result of the oil price rally. The USD/CAD exchange rate was 1.3431 at the time of writing.

 

Monday's 6.3% rise in West Texas Intermediate WTI crude oil to an intraday high of $81.51 strengthened the CAD. The oil price surged after the OPEC+ cartel surprised the market with a production cut of 1.1 million barrels per day to support prices, with the cartel announcing that it will reduce output prior to Monday's ministerial meeting.

 

Analysts at TD Securities observed that the Bank of Canada's Business/Consumer Surveys painted a more dovish picture ahead of the April BoC meeting, with a marked improvement in capacity pressures and consumer inflation expectations.

 

Analysts noted that firm-level inflation expectations continue to be elevated and that consumer growth and income expectations have also increased since the fourth quarter.

 

''The Bank of Canada should be pleased with these results, which indicate a decline in capacity pressures and a moderation in inflationary pressures. However, inflation expectations remain a formidable impediment to near-term relief. If growth does not decelerate substantially in the second quarter, it may be difficult for the Bank of Canada to keep rates at 4.50 percent. Analysts believe that the report is optimistic for CAD.


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