DXY Index Threatens Key Break after Powell’s Jackson Hole Speech

So far this year the rupee has weakened 8.9% while foreign investors have sold $493.40 million and $5.57 billion in equity and debt markets respectively

In the speech to the annual gathering of central bankers and economists in Jackson Hole, Wyoming, Powell said there were few signs the U.S. economy was "overheating", which means the Fed can continue its course of gradual rate increases. "If the strong growth in income and jobs continues, further gradual increases ... will likely be appropriate".

Federal Reserve chair Jerome Powell sees plenty of reasons the USA economy's strong run will continue.

Powell cited former Fed Chairman Alan Greenspan's decision to not raise rates during the mid-1990s as unemployment decreased and growth expanded, but inflation stayed largely steady.

The dollar fell for the sixth time in seven days as Powell said that gradual rate increases are likely appropriate if growth stays strong, and "there does not seem to be an elevated risk of overheating".

In an interview with CNBC, St. Louis Fed President James Bullard said he thinks there should be no more rate hikes for the remainder of this year.

The Fed, which began to tighten monetary policy in 2015, has raised rates twice this year and is widely expected to do so again next month and in December.

He said if the Fed moves too fast in rate hikes, it would limit economic expansion.

In a highly anticipated speech, Powell did not directly address President Donald Trump's renewed criticism of Powell for raising interest rates, which Trump says undermines his efforts to boost the economy.

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Many have seen Trump's complaints about the Fed's rate hikes as an intrusion on the central bank's longstanding independence from political influence. Inflation is near our 2% objective, and most people who want a job are finding one ...

The dollar fell on Friday, set for its biggest weekly decline since March, as markets braced for a speech by Federal Reserve chair Jerome Powell for hints on the direction of monetary policy, while a gauge of global stocks barely budged.

"Congress understood this tension might exist between a central bank, which is responsible for the money supply, and those that have other angles in the economy", she said.

The American consumer is resurging; economic growth is being maintained at an annualized rate of more than 4%; unemployment is around the lows of the last 50 years; and fiscal policy is ready to provide additional momentum during the second half of the year. -China trade conflict and the Fed's latest policy meeting minutes, which signaled a September interest rate rise.

Some economists believe the Fed is moving too slowly given the low unemployment in the United States, which could increase the bargaining power of workers to demand higher wages, stoking inflation.

European stocks look set to open largely unchanged on Friday as trade talks between the US and China ended without progress, raising concerns that a prolonged trade spat could hurt global growth. Five of those rate hikes, including two this year, have occurred with Trump in the White House.

Asked at the time another bout of Trump critiques, Powell said "no one in the administration has said anything to me that really gives me concern on this front".

Powell's comments at the annual gathering of economic policymakers in Jackson Hole, Wyoming, will be viewed as a rebuke to the president.

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