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Dollar strengthened as Fed cut its main interest rate by 25 basis points
Markets are disappointed. The president is disappointed. The S&P 500 is 1.1% down, and the USD breaks through its two-year highs amid Jerome Powell’s comments. The federal funds rate was cut from 2.5% to 2.25%. The Fed Chairman noted that the policy-makers may further lower the federal funds rate, but they were not embarking on a new cycle of rate cutting. To launch a new cycle, the Federal Reserve must first see a real decline in the US growth. Now, it is just a mid-cycle adjustment to the policy.
Investors expected Powell…
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