The Australian Dollar resisted in the Asian session today following the ascendency regaining of the US Dollar after several Fed speakers hammered on their hawkish stance.
Solid jobs data yesterday did little to recalibrate rate hike expectations for the RBA’s monetary policy meeting next month. Conversely, the Fed is stating the case for a ‘higher for longer’ rate outlook.
James Bullard, the St. Louis Federal Reserve President, said that the policy rate is not yet in a zone that may be taken to be sufficiently restrictive.
In the following session, Fed President of Minneapolis, Neel Kashkari, crossed the wires by saying he needs to be assured that inflation has at least stopped climbing and that they are not falling further behind the curve before he would advocate stopping the progression of future rate hikes.