Fed’s patience on interest rates to last ‘for some time’

WASHINGTON (Reuters) – U.S. Federal Reserve officials at their last meeting agreed that their current patient approach to setting monetary policy could remain in place “for some time,” a further sign policymakers see little need to change rates in either direction.

“Members observed that a patient approach…would likely remain appropriate for some time,” with no need to raise or lower the target interest rate from its current level of between 2.25 and 2.5 percent, the Fed on Wednesday reported in the minutes of the central bank’s April 30-May 1 meeting.

Recent weak inflation was viewed by “many participants…as likely to be transitory,” while risks to financial markets and the global economy had appeared to ease – a judgment rendered before the Trump administration imposed higher tariffs on Chinese goods and took other steps that intensified trade tensions. Reuters.

USDJPY & GBPJPY TECHNICAL CHARTS

The Trade War’s Grip on Currency Markets Tightens

Trade tensions between the U.S. and China are starting to pull foreign-exchange markets into the arena. Yet far from embracing their currencies as a weapon, many countries are being forced to take a defensive posture against the almighty dollar. Central banks seem more intent on keeping their currencies steady and stopping money from escaping rather than engaging in devaluations to boost their competitiveness in trade. Officials in China, South Korea and Indonesia on Wednesday were among those taking steps to buoy their currencies as the prospect of more rapid depreciation raised the specter of capital outflows. Read More @ https://www.bloomberg.com//news/articles/2019-05-22/trade-war-s-grip-on-currency-markets-tightens-in-policy-threat?srnd=markets-vp

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