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The FOMC did not give any explicit cues on what they are
likely to do next but the statement that accompanied the decision (to
stand pat) was clearly confident of the US growth trajectory and its
economic fundamentals. The poor GDP print for 1Q was also seen as merely
“transitory”. Overall, Fed’s sanguine tone was enough to lift the USD and
give a small boost to UST yields. We are also keeping in mind that May is
a seasonally bullish month for the greenback...
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