The Federal Reserve bank of Richmond Chair Thomas Barkin said on Monday that he thought rates were high enough to bring inflation back to our target, but that “The full impact of higher rates is yet to come.”
“This is basically ruling out a rate cut,” concluded analysts at Brown Brothers Harriman:
Another bullish factor for USD/JPY is that overall interest-rate cut expectations in the US continue to fade. Now it’s not till November that a first rate cut is fully priced in.
“Odds of a June cut remain steady at around 10%, but July odds have fallen to 35% and September odds have fallen to 85%. A November cut is still fully priced in,” continues BBH.
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