Fed Powell did not crumble Under Pressure, Markets Embrace for FOMC and ECB Meeting

Daily Update - 10th July 2019

Yesterday’s Market

• US Fed Jerome Powell’s Speech

Yesterday’s Explained

President Trump has put the Fed under a microscope, jawboning officials for months to cut rates and calling the central bank America’s “most difficult problem” in a series of posts on Twitter on July 5. The Fed’s chair, Jerome H. Powell, and his colleagues say they ignore politics when making decisions. But if they do reduce interest rates, as markets expect, some slice of the Fed-watching public will interpret that as a sign that they have caved under pressure even as job gains remain solid and economic growth is still strong.

 

Today’s Market

• ECB Non-Monetary Policy Meeting minutes
• GBP Industrial Production
• Fed Chairperson Testifies & US FOMC Minutes

Today’s Focus

On Wednesday, busy data will start flowing in from ECB Non-monetary policy meeting minutes will be released. Followed by GBP industrial production released measures outputs of the UK factories and mines. Changes in industrial production are widely followed as a major indicator of strength in the manufacturing sector.

Finally to conclude the day, Jerome Powell Fed Chairperson will testify & US FOMC Minutes will be also released in depth information of the current rate cuts plans in US.