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Fed’s Musalem: Inflation at its current level continues to worry people
Inflation expectations remain anchored, St. Louis Federal Reserve (Fed) President Alberto Musalem said on Friday, while cautioning that “people remain concerned about inflation at the current level,” in his remarks.
Attributing the current excess inflation to energy shocks and the AI buildout, Musalem stressed that the Fed “must return inflation to 2% on a timely basis”.
Musalem outlines inflation and demand drivers:
The current level of inflation continues to concern people
Expectations for inflation are still anchored
Inflation must be brought back to 2% in a timely manner
Energy shocks and the AI buildout are driving today’s excess inflation
An optimistic outlook is underpinning rapid growth in both consumption and investment
Much higher productivity will result from AI
The expansion of data centres is helping to drive strong demand
Effective Fed communication makes policy transmission smoother
US Dollar Records Its Strongest Performance Against New Zealand Dollar Today
Against the major currencies listed below, the US Dollar (USD) recorded its strongest performance today against the New Zealand Dollar. The table sets out today’s percentage changes for each pairing.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.61% | 0.64% | 0.30% | 0.63% | 0.63% | 0.82% | 0.43% | |
| EUR | -0.61% | 0.03% | -0.32% | 0.04% | 0.03% | 0.21% | -0.18% | |
| GBP | -0.64% | -0.03% | -0.34% | 0.00% | 0.00% | 0.18% | -0.21% | |
| JPY | -0.30% | 0.32% | 0.34% | 0.35% | 0.34% | 0.53% | 0.14% | |
| CAD | -0.63% | -0.04% | -0.01% | -0.35% | -0.01% | 0.17% | -0.21% | |
| AUD | -0.63% | -0.03% | 0.00% | -0.34% | 0.01% | 0.18% | -0.20% | |
| NZD | -0.82% | -0.21% | -0.18% | -0.53% | -0.17% | -0.18% | -0.37% | |
| CHF | -0.43% | 0.18% | 0.21% | -0.14% | 0.21% | 0.20% | 0.37% |
Percentage movements between the major currencies are displayed in the heat map. Select the base currency in the left-hand column and the quote currency in the top row. Choosing the US Dollar on the left and following its row across to the Japanese Yen, for instance, gives the percentage change for USD (base)/JPY (quote) in the corresponding cell.
Fed Policy Explained
Responsibility for US monetary policy rests with the Federal Reserve (Fed), whose two mandates are price stability and full employment. Adjustments to interest rates are its main means of pursuing these objectives. If prices rise too rapidly and inflation exceeds the Fed’s 2% target, the central bank increases interest rates. Borrowing then becomes more expensive across the economy, while the greater appeal of the US as a destination for international investment strengthens the US Dollar (USD). By contrast, inflation below 2% or an excessively high unemployment rate may prompt the Fed to cut interest rates. Such cuts aim to stimulate borrowing and put pressure on the Greenback.
At the Federal Reserve’s (Fed) eight annual policy meetings, economic conditions are reviewed and monetary policy decisions taken by the Federal Open Market Committee (FOMC). Twelve Fed officials attend the FOMC: all seven members of the Board of Governors, the president of the Federal Reserve Bank of New York and four of the other eleven regional Reserve Bank presidents. The latter serve rotating one-year terms.
Faced with extreme circumstances, the Federal Reserve may turn to Quantitative Easing (QE), a policy designed to substantially expand the flow of credit through a stalled financial system. Used in crises or periods of exceptionally low inflation, this unconventional measure was the Fed’s preferred response during the Great Financial Crisis in 2008. Under QE, the Fed prints additional Dollars to purchase high-grade bonds from financial institutions, a process that usually weakens the US Dollar.
Reversing QE, quantitative tightening (QT) sees the Federal Reserve halt bond purchases from financial institutions. It also refrains from using the principal repaid on its maturing bond holdings to buy new bonds. The process is generally supportive of the US Dollar’s value.
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