US Dollar Index eyes a break above 113.00 as Fed’s Beige Book warns inflation elevation – by Sagar_Dua24 DollarIndex Fed Inflation RiskAversion YieldCurve
er a juggernaut rally at Tuesday’s low of 111.80. Losses recorded from the previous week’s high of 113.88 have recovered majorly after the risk-on impulse surrendered.
The release of the Federal Reserve ’s Beige Book cited the risk of elevating inflation, which faded the optimism in the S&P500 backed by quarterly results declaration. Apart from that, returns on US government bonds soared like there is no tomorrow. The 10-year benchmark US Treasury yields refreshed a 14-year high at 4.14% as bets for a bigger rate hike by the Fed have accelerated.St.
Also, Chicago Fed President Charles Evans cited that the US central bank “Needs to make sure inflation pressures don't broaden further,” He believes that the Fed should have started tightening the monetary policy six months earlier than their first rate hike in March 2022 post-pandemic.The release of the Fed Beige Book cited a slowdown in discretionary demand, an elevation in inflationary pressures, and a moderation in labor demand.
The price of inputs has elevated while fuel and freight costs have declined due to a decline in gasoline prices. This has impacted the EBITDA margins presented by firms. Apart from that, labor demand has moderated as firms have ditched the payroll process in anticipation of an economic slowdown.
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