USD muted after Fed Harker comments

Patrick Harker, president of Philadelphia Fed, delivered some remarks on monetary policy this evening. It seems that Harker tried to send a balanced message. While he said that job on controlling inflation is not done yet, Fed will not have to raise rates anymore. On the other hand, he said that the US central bank will not have to cut rates right away either. Money markets currently see first rate cut in the United States as soon as at March 2024 meeting.

Market reaction to Harker's comments has been muted and it could be driven by the fact that he will be a non-voting FOMC member in 2024. EURUSD tested 50-hour moving average (green line) in the 1.0950 area after Harker's comments but failed to break below.

Key comments from Fed Harker

Job on controlling inflation is not done
Things are looking better for the inflation outlook
I'm hearing things are starting to soften faster than data suggests
We don't need to raise rates anymore
Soft landing process will likely be bumpy
I expect unemployment to tick up, but not by a lot
A lot of things could thwart a soft landing
US economy is incredibly resilient
Fed won't cut rates right away

Source: xStation5

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