Following the outsized rate cut last week, Powell said the move was a part of a “recalibration” of policy designed to protect the labor market while sustainably bringing inflation back down to the Fed’s stated 2% target.
The U.S. dollar has stabilized Thursday after rebounding strongly overnight as traders reassessed just how aggressive future U.S. rate reductions would be in the wake of the Federal Reserve starting its rate-cutting cycle with a hefty 50 basis-point reduction earlier this month.
Gold prices steadied in Asian trade on Thursday, remaining close to record highs as focus turned to an upcoming address by Federal Reserve Chair Jerome Powell, while key U.S. economic readings also loomed.
Bitcoin’s price fell on Thursday, stalling below key levels as cryptocurrency markets were pressured by a rebound in the dollar before more cues from the Federal Reserve in the coming days.
European shares jumped on Thursday, buoyed by optimism over fresh stimulus measures from China, while investors awaited remarks from the European Central Bank president.
