GBP/USD seesaws around 1.1330 after hitting YTD lows around 1.1230s as Powell speaks – by christianborjon GBPUSD Majors CentralBanks Fed InterestRate
s by 75 bps in the September meeting. According to the Summary of Economic Projections , officials opened the door for another 75 bps in November and a 25 bps interest rate increase in December. At the time of writing, the GBP/USD seesaws around the 1.1300-50 area in a volatile trading session as Fed Chair Powell speaks.
Furthermore, regarding a soft landing, he said it would be challenging, but no one knows if the current Fed tightening process would lead to a recession and how deep it would be.According to its mandate, the US Federal Reserve decided to hike rates to the 3-3.25% range on Wednesday, bringing inflation towards its 2% target. In the
statement, the FOMC reiterated that it’s strongly committed to reaching the Fed’s goal and mentioned that further rate hikes are needed.
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