By Reuters
Currency markets have been mostly driven in recent months by market perceptions of the different paces at which global central banks reduce pandemic-era stimulus and raise rates. Powell’s renomination supports the view that the Fed is likely to begin raising rates in mid-2022, after it winds down its bond purchase program. “Markets perceived the outcome as marginally hawkish, and futures now firmed up expectations for a hike in June from having been skewed toward July,” currency analysts at Brown Brothers Harriman said in a note on Tuesday.
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