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During the speech of the new chairman of the Federal Reserve on February 27, he stressed about the interest rates and the further course of the monetary policy of the United States. Then, Powell was more reserved in his statements during the briefing yesterday as he gave more attention to inflation and tax policy.
In this regard, the demand for risky assets did not take long to wait, even despite the good fundamental data on the American economy, released in the afternoon.
In general, the corrective growth of the euro and the pound has been asking for a long time, and large traders took advantage of the speech yesterday given by the representatives of the Fed, which led to the fixation of profits in the US dollar.
Federal Reserve Chairman Powell said that a gradual increase in rates creates a counterbalance to low unemployment and inflation. e also noted that he sees a small increase in wages, but nothing indicates that the inflation of wages is accelerating.
With regard to fiscal policy, the Fed chairman expects that it will make a significant contribution to economic growth in the next couple of years, and lower tax rates for individuals should increase the inflow of labor.
Powell also noted that there is no evidence that the economy is currently overheating.
Comments on the labor market and inflation are quite consistent put pressure on the US dollar, as they made a serious counterbalance to all what the chairman of the Fed said on Tuesday.
As I noted above, the US data did not provide significant support to the dollar. According to the report of the Institute for Supply Management, the index of supply managers PMI for the manufacturing sector in February 2018 increased to 60.8 points compared to January. Let me remind you that the value above 50 indicates an increase in activity. Economists had expected that the index would be 58.5 points in February.
Fed representative, William Dudley, criticized yesterday the White House administration's efforts to create pressure in trade relations with many countries. In his opinion, trade protectionism is a dead end, as the trade of everything was the key to strong growth for a long time.
Dudley is also confident that the implementation of protectionism as a policy will fail, as protectionist policies often backfire and harm the economy of the country. Only healthy competition between countries will improve prospects in many economic areas.
All this suggests that the main problems related to inflation, tax reform and protectionist measures of the U.S. gave themselves learning at the beginning of this year, no matter how investors hoped for a change in the rhetoric of Fed representatives. Most likely, these areas will be the main "headache" for all market participants this year.
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