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23 Aug 2024

Fed's Bostic: We want calm, orderly return to normalization

Atlanta Federal Reserve President Raphael Bostic said on Friday that they are going to have to think hard about what's happening in labor markets, per Reuters.

Key takeaways

"We want a calm, orderly return to normalization."

"We are close to being ready to cut rates."

"Our policy has had its effect and we can start pathway back to normal policy posture."

"We can't wait until inflation is back down to 2% to alter policy rate."

"Labor market is a sign that we are getting back to much more normalized place."

"Number on inflation over last couple of months have made me more confident it's returning to 2%."

"We still have a ways to go on inflation though, don't assume we are done."

"You can't ignore the data, takes us closer to moving."

"I just want to make sure next couple of data points are consistent with that."

"Jobs revision figures didn't change that much for me."

Market reaction

The US Dollar Index showed no reaction to these remarks and was last seen trading modestly lower on the day at 101.45.

 

Aug 23, 2024

GBP: Don't expect much from Bailey – ING

Bank of England (BoE) Governor Andrew Bailey speaks today in Jackson Hole (1600) and we think he may emulate Powell’s approach in saying as little as possible.
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Aug 23, 2024

AUD/USD Price Analysis: Correcting within August’s uptrend

AUD/USD corrects back after becoming overbought. The pair pulls back below the trendline for its short-term uptrend during August – a bearish sign – however, it has also tracked higher over recent periods after posting a swing low at 0.6697 on August 22.
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