Kashkari rocks the markets

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Source: Dukascopy Bank SA


The President of the Minneapolis Federal Reserve Bank Neel Kashkari has just shook the financial markets. As one of the members of the committee that sets the US monetary policy and with it the base interest rate of the US Dollar, Kashkari has commented on the Fed Funds Rate.

Neel Kashkari has stated that the Federal Reserve could keep interest rates on hold for the whole year, if inflation does not meet the central bank's expectations. Namely, there would be no interest rate cuts that the markets have been expecting

The US Dollar and the Volatility index surged on the announcement. Stocks plummeted, returning to mid-March levels. Crude oil traded above the $90.00 mark. Moreover, gold has once again returned to trade above 2,300.00.
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