Fed’s Goolsbee: Oil shock makes problem of inflation from likely productivity growth more extreme
Chicago Fed President Austan Goolsbee made comments on the impact of supply shocks on monetary policy on Thursday.
Key quotes
Supply shocks, including an oil shock, make the problem of inflation from anticipated future productivity growth more extreme.
The bigger the hype over future productivity growth, the more interest rates may need to rise in the US, other countries.
Market reaction
At the press time, the US Dollar Index is up 0.12% on the day near 99.35.
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.12% | 0.19% | 0.03% | 0.10% | 0.27% | 0.08% | 0.17% | |
| EUR | -0.12% | 0.07% | -0.11% | -0.01% | 0.16% | -0.02% | 0.05% | |
| GBP | -0.19% | -0.07% | -0.19% | -0.09% | 0.09% | -0.09% | -0.03% | |
| JPY | -0.03% | 0.11% | 0.19% | 0.07% | 0.25% | 0.04% | 0.15% | |
| CAD | -0.10% | 0.01% | 0.09% | -0.07% | 0.18% | -0.02% | 0.06% | |
| AUD | -0.27% | -0.16% | -0.09% | -0.25% | -0.18% | -0.18% | -0.12% | |
| NZD | -0.08% | 0.02% | 0.09% | -0.04% | 0.02% | 0.18% | 0.07% | |
| CHF | -0.17% | -0.05% | 0.03% | -0.15% | -0.06% | 0.12% | -0.07% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
