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Recently, Federal Reserve Chair Jerome Powell made some significant comments regarding inflation and interest rates. Powell expressed confidence that inflation is moving towards the Fed’s 2% target, indicating a possible shift in monetary policy. He also mentioned that the Fed is not looking to further cool down the labor market, suggesting a more accommodative stance.
Reflecting on lessons learned from past years, Powell highlighted supply chain issues and energy shocks as key drivers of inflation. He emphasized that the Fed’s previous restrictive policies have been effective in combating inflation, but the normalization of supply chains and stabilization of energy markets have also played a crucial role.
These comments from Powell have had a noticeable impact on the financial markets. The U.S. Dollar Index tested session lows following his dovish remarks, while gold prices climbed above $2500 supported by falling Treasury yields and a pullback in the U.S. dollar. Additionally, the S&P 500 made a move towards the 5640 level as traders anticipated the start of a potential Fed rate cut cycle.
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