Fed Chair Powell (Q&A) says for a long time, Fed has hypothesised that tariffs would be a one-off
Fed Chair Powell's comments signal that the Federal Reserve is taking a measured approach to recent tariff impacts, viewing them as likely temporary while remaining cautious on energy prices, which still have upward momentum.
CRUDE WRAP: WTI (M6) SETTLES USD 6.95 HIGHER AT USD 106.88/BBL; BRENT (N6) SETTLES USD 6.04 HIGHER AT 110.44/BBL
Fed Chair Powell (Q&A), asked about the easing bias, says had vigorous debate on guidance today; a number see hike as likely as cut has moved up
Fed Chair Powell (Q&A) says for a long time, Fed has hypothesised that tariffs would be a one-off
Fed Chair Powell (Q&A) says his concern is about the series of legal attacks on the Fed which threaten ability to conduct monpol
BP (BP \ LN) and Venezuela sign deal for oil producer to explore offshore area.
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- Fed is already looking through the tariff shock
- Will be cautious on energy prices; energy has not peaked yet
- Fed wants to see progress on energy and tariffs before lowering rates
This suggests that any decision to lower rates will hinge on future developments in these areas, keeping monetary policy tightening bias in place for now and influencing market expectations around rates and the USD.
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