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After FED chair Janet Yellen warned that policymakers need to move cautiously in hiking rates, given the current levels of low ammunitions, should the economy turn for worse. It is better to wait and hike than to move fast and have to step back.
After her speech, another dove from FED explained why lower rate hikes from FED would be sufficient.
According to Federal Reserve Bank of Chicago chief, Charles Evans,
While he is open to rate hikes in June, he believes lower rate hikes are required from FED, thank to monetary policies of other major central banks. According to him, as monetary policy diverge, individual rate hikes become more powerful than usual, with greater influence over exchange rates.
Dollar has retreated since Janet Yellen speech and unlikely to find respite from commentaries such as Mr. Evans’.
Dollar index is currently trading at 94.5, down -0.35% for the day.
