Fed's Waller: I support another significant hike in two weeks

Eren Sengezer FXStreet

Federal Reserve Governor Christopher Waller said on Friday that it was too soon to say whether inflation was moving meaningfully and persistently downward, as reported by Reuters.

Key takeaways

"I support another significant hike in two weeks."

"The pace of tightening is uncertain; it will depend on the data."

"Fears of a recession have faded; robust US labor market is giving us the flexibility to be aggressive in our fight against inflation."

Market reaction

The US Dollar Index showed no immediate reaction to these comments and was last seen losing 0.6% on a daily basis at 109.00.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

GBP/USD clings to moderate gains near 1.3400

EUR/USD holds steady above 1.1400 ahead of US data

Gold struggles to build on Tuesday's gains, retreats toward $4,000

Bitcoin, Ethereum, and Ripple show tentative recovery as key technical levels hold

Bitcoin, Ethereum and Ripple trade with a mild positive bias on Wednesday as sentiment improves across the cryptocurrency market. BTC is testing its 50-day Exponential Moving Average, ETH has broken above a key resistance level at $1,800, while XRP has found support around a key level.

BoC set to keep interest rates steady for sixth consecutive meeting

The Bank of Canada is widely expected to keep its policy rate unchanged at 2.25% on Wednesday. The central bank will announce its policy decision at 13:45 GM. This would be the sixth consecutive event with the central bank keeping its hand steady. The BoC left its policy rate unchanged at 2.25% last month, as widely anticipated.

-0.4%: Why the biggest CPI drop since 2020 couldn't buy back a single cut

The June CPI fell 0.4% on the month, the largest one-month decline since April 2020, dragging the annual rate to 3.5% from May's 4.2% and snapping a three-month acceleration streak. Core prices went nowhere, flat on the month and down to 2.6% YoY, both under consensus.