Scrap #2 Copper 94-96% Idx Futures Market News and Commentary
The dollar index (DXY00) on Monday fell by -0.27%. Threats to Fed independence hammered the dollar on Monday after Fed Chair Powell said the Justice Department's threat of criminal charges against the Federal Reserve over his June testimony on Fed headquarters renovations is the consequence of the Fed not going along with President Trump's calls for lower interest rates.Â
On Sunday, Fed Chair Powell said the Fed had been served grand jury subpoenas from the Justice Department threatening a criminal indictment related to his June congressional testimony on ongoing renovations of the Fed's headquarters. Powell said, "The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than the preferences of the president."
The markets are discounting the odds at 5% for a -25 bp rate cut at the FOMC's next meeting on January 27-28.
The dollar continues to see underlying weak... Read more