Dollar rises on NY foreign exchange market as Fed Chairperson adopts a hawkish stance.

October 1, 2024, 6:03 AM GMT+9 (excerpt).

In the late New York foreign exchange market, the dollar rose. This was in response to Fed Chairperson Powell demonstrating a more hawkish stance on the day, causing the market to scale back expectations of a 50 basis point additional rate cut by the Fed at the next November Federal Open Market Committee (FOMC) meeting.
Chairperson Powell stated that recent data revisions on economic growth, savings rate, and personal income have removed some of the 'downside risks' that the Fed has been monitoring. He also warned that it may take several years for housing service inflation to settle at desirable levels.