What's moving markets today: Live updates - CNN

With a little over two hours until the Federal Reserve's monetary policy and interest rate update, the US dollar doesn't look so hot.

The ICE US dollar Index, which measures the buck against six rival currencies, was last down 0.2% at 97.281.

While the Fed is expected to keep interest rates steady today, the market is beginning to price in a 25 basis point rate cut later this year, as evidence by CME Fed funds futures. If the central bank were to lower rates again, it would likely weigh on the dollar, which enjoyed a tailwind last year from four interest rate increases.

Fed officials have pushed back against rate cut expectations several times this year. As such, there is a risk that we see some more push back today, which would help the dollar regain some traction," said Win Thin, global head of currency strategy at Brown Brothers Harriman.

So far, Fed Chairman Jerome Powell has preached patience this year, and has not given any firm indication that the next move of interest rates would necessarily be lower.

Yesterday, President Donald Trump called for a 1%, or 100 basis point, rate cut to boost the US economy.

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https://www.cnn.com/business/live-news/stock-market-news-today-050119/index.html

2019-05-01 22:19:00Z
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