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The dollar declined sharply after President Trump criticized the U.S. Federal Reserve’s rate hike paths, saying that he had expected the Fed chair Jerome Powell to be a ‘cheap-money’ central banker and he is disappointed that he has followed through his predecessor in hiking rates. The dollar index has declined to 95.6 area as of today from 97.06 area, after President Trump’s comment on rate hikes.
However, rates market don’t seem that impressed by President Trump’s comment and they are pricing that the U.S. Federal Reserve would move ahead with its rate hike plans despite the President’s opposition.
The market is currently pricing 96 percent chance of a rate hike in September compared to 93.6 percent before the President’s comment and the market is pricing the fourth rate hike with 62.8 percent probability compared to 65.4 percent probability before the President’s comments.
