USDCAD TECHS: Trend Signals Remain Bullish
* RES 4: 0.7380 Top of a bull channel drawn from the Apr 9 '25 low * RES 3: 0.7325 1.500 proj of the...
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FED: Powell Again Suggests FOMC Moving Towards More Neutral Rate Stance
Powell again suggests that the Committee as a whole is moving toward a more neutral rate stance (again, citing market pricing for hikes as a factor):
- "the center is moving toward a more neutral place, and that's sort of what markets are saying too. I just think, you know, there's a lot of signaling going on when you change guidance like that. And so we just, I guess a majority of us didn't feel like we needed to send a signal on that right now ... but maybe it'll come to that...of course, we will move to a hiking bias if we want to hike, and we'll move to a new, a neutral bias before that"
FED: Powell: Economy Is "Quite Resilient", Inflation The Area To Work On
Powell calls the economy "quite resilient", "growth is really solid ... Some of that is that consumer spending is hanging in pretty well. The most recent data are good. Some of it is just apparently insatiable demand for data centers...and every reason to think that continues. So you've got an economy that is growing at 2% or better...private domestic private purchases, which is really a better signal of a momentum in the economy, is higher than that....If you look at the unemployment rate it's 4.3 percent. So that's a low rate."
"Inflation is a thing we need to work on. And it's partly tariffs which we think, that inflation should subside over the course of this year because it's kind of a one-time increase that shouldn't be repeated. That should start happening pretty soon. The energy inflation that we're getting should go through fairly quickly. And we'll just have to see how that works out. "
FED: Powell Supports Pushback Against Idea Of Removing Regional Fed Presidents
Powell cites a recent Gov Waller speech re Fed independence:
- "The other thing he touched on was, was the idea of removing [regional] reserve presidents from office over different views on monetary policy. And I would, I would just agree with him so strongly that that would be the beginning of the end of the Fed's ability to to make monetary policy independently. If every administration could come in and do that, you're just another cabinet agency at that point. So that's not something that I would support."
