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The US dollar strengthened on tuesday, october 29, rising 0.4% on the Bloomberg Dollar Spot Index, its biggest gain since october 9, after Federal Reserve Chairman Jerome Powell declined to commit to an interest rate cut for december, according to Bloomberg data.
Treasury yields also rose following his remarks, reflecting the immediate reaction of financial markets.
During his speech, Powell indicated that the Fed will continue to make decisions “meeting by meeting”, based on the evolution of economic data, and that the central bank remains focused on reducing inflation toward its 2% target without hindering economic growth.
The Fed chairman also highlighted that the US economy continues to show strength, driven by a resilient labor market, although he warned of persistent inflationary pressures.
The Fed’s cautious stance led to an appreciation of the dollar against major international currencies, such as the euro, the British pound, and the Japanese yen.
