Fed's Williams sees no rate cuts until 2024
|Reuters reported that the New York Federal Reserve Bank President John Williams on Monday said that he believes the Fed will need to raise rates to a level sufficiently restrictive to push down on inflation, and keep them there for all of next year:
"I do think we're going to need to keep restrictive policy in place for some time; I would expect that to continue through at least next year," Williams said at a virtual event held by the Economic Club of New York, adding that he does not expect a recession.
"I do see a point, probably in 2024," when the Fed will start reducing interest rates, he said.
US Dollar update
The US Dollar is higher in the North American trade with US stocks on the backfoot amid a global risk-off start to the week. Major market averages opened trading on Monday lower as protests in China over COVID lockdowns brought some selling pressure to global equities.
Early on the Dow dipped 0.4%, the S&P 500 slid 0.5%, and the Nasdaq lost 0.4%. DXY is up 0.18% to 106.25, but the downside is open while below 106.60:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.