Interbank Market News Scan for 14 July 2022, 2:49 pm, EDT: Waller” Convinced US did not enter recession in Q1 2022.”

Alton Drew,

FX rates as of 3:00 pm 14 July 2022

Currency PairExchange Rate
GBP/USD1.1898
USD/XCD2.7000
USD/JMD149.4500
USD/DOP53.9343
EUR/USD1.0048
USD/JPY137.2120
USD/CNH6.7273
DXY108.81

Source: OANDA 

Interbank, Pakistan, rupee. “The rupee made a slight recovery against the dollar in interbank trade on Thursday as the government reached a staff-level agreement with the International Monetary Fund (IMF) for the revival of the stalled loan programme.” — Dawn. https://www.dawn.com/news/1699566/pkr-gains-30-paisa-in-interbank-as-govt-secures-deal-with-imf

Interbank, Federal Reserve, inflation. “We are achieving our mandate when it comes to maximum employment, but we are far from achieving our goal of stable prices. Consequently, while any monetary policy decision has implications for achieving maximum employment, and I will address those implications in a moment, the FOMC is now, and must be, utterly focused on moving inflation down toward our 2 percent target.” — Christopher J Waller. https://www.federalreserve.gov/newsevents/speech/waller20220714a.htm

Interbank, Federal Reserve, stock market. “Stocks pared losses as comments from a Federal Reserve official brought some relief to traders worried about the odds of an even more aggressive pace of rate hikes plunging the economy into a recession.” Yahoo! Finance. https://finance.yahoo.com/news/scorching-us-cpi-sows-caution-220847588.html?fr=sycsrp_catchall

Published by Alton Drew

I graduated from The Florida State University with a Bachelor of Science in economics and political science (1984); a Master of Public Administration (1993); and a Juris Doctor (1999). I am a member of the Maryland Bar and practice political law. You can follow me on Twitter @altondrew. You can email me at altondrew@altondrew.com.