USD/MXN near multi-year lows, as Fed Chair Powell signals flexibility, raises rates by 25 bps – by christianborjon USDMXN Currencies EmergingMarkets Fed InterestRate
US Central Bank Ready to Take Action, Including Raising Rates, Says Fed Chair.The USD/MXN plummets to fresh six-year lows, last seen in September 2017, after the US Federal Reserve raisedby 25 bps, though it opened the door for pausing. The USD/MXN is trading at 17.8865, down 0.50% at the time of typing.
The US Federal Reserve Chair Powell took the stance after he and his colleagues decided to raise rates by 25 bps and signaled that the US central bank would determine its monetary policy, meeting by meeting.When asked about rate cuts, he said it “would not be appropriate to cut rates, given our view that inflation will take some time to come down.
On Wednesday, the US central bank hiked rates by 25 bps to the 5.00% - 5.25% area but tweaked its language regarding additional rate hikes. The Fed shifted to being data-dependent and will asses future decisions based on information about the economy, inflation, and the overall financial markets behavior.
Policymakers added that ongoing tightening of credit conditions could help the Fed to get inflation to its 2% target. Although today’s Fed decision was perceived as dovish, officials reiterated that inflation is elevated and the labor market robust. Regarding the balance sheet reduction, the FOMC decided to continue as planned.As Fed Chair Powell spoke in his press conference, the USD/MXN reached a multi-year low at around 17.8283.
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