New York Fed: Speech today by President Williams was not about potential policy actions

Anil Panchal FXStreet

Just when the markets are heavily expecting a 50 basis points rate cut from the US Federal Reserve in its July 31 meeting, mainly based on the New York Fed President John Williams latest comments, the Federal Reserve Bank of New York came out with statements defending Mr. Williams’ dovish appearance.

Key quotes

Speech today by President Williams was academic and based on research.
Was not about potential policy actions at the upcoming FOMC meeting.

FX Implications

The news triggered a pullback of the US Dollar (USD) which declined heavily on the Fed policymakers’ earlier comments. Investors may now await fresh clues for further direction

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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