Fed's Barkin: FOMC has time to see data before deciding what’s next for rates

Lallalit Srijandorn FXStreet

Federal Reserve Bank of Richmond President Thomas Barkin stated earlier on Friday that the Fed holding steady at the September FOMC meeting was appropriate

Key quotes

“Fed holding steady at the September FOMC meeting was appropriate”

“Fed has time to see data before deciding what’s next for rates”

“The path forward depends on what happens with inflation”

“Will be watching the job market closely for clues”

“Cautions against reading too much into Federal Reserve forecasts”

“The job market has remained very healthy”

“Not sure how the economy will perform over coming months”

“There is still a lot of uncertainty about how the Fed's balance sheet influences the economy”

"Some slow down needed to lower inflation"

Market reaction

The US Dollar stays on the back foot after this comment, As of writing, the US Dollar Index was unchanged on the day at 106.14.

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

EUR/USD weakens below 1.1650 as strong US data boosts Fed hold outlook

EUR/USD extends its losses for the third consecutive session, trading around 1.1640 during the Asian hours on Thursday. The pair loses ground as the US Dollar advances as a stronger-than-expected United States Producer Price Index and Retail Sales, along with last week’s easing Unemployment Rate, reinforced the case for the US Federal Reserve to keep interest rates on hold for the coming months.

GBP/USD holds above 1.3400 after UK GDP data

GBP/USD holds above 1.3400 in European trading, fading a spike to near 1.3450. The pair jumped on the upbeat UK growth and industrial data but failed to hold the uptick amid a broadly firmer US Dollar. The focus now turns to the mid-tier US data releases for further directives.

Gold trades near $4,600 after pulling back from record highs

Gold loses ground after hitting a fresh record high of $4,643 in the previous session, trading around $4,600 per troy ounce on Thursday. The non-interest-bearing Gold lost ground as a stronger-than-expected United States Producer Price Index and Retail Sales, along with last week’s easing Unemployment Rate, reinforced the case for the US Federal Reserve to keep interest rates on hold for the coming months.