In an appearance at the United States (US) Congress, Fed Chair Jerome Powell commented that the Fed will have to increase rates more and faster. He also said, “The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated.”
Powell stated that even though inflation is moderating, “the process of getting inflation back down to 2% has a long way to go and is likely to be bumpy.” On its Q&A with US Senators, Chair Powell commented that core inflation has not come down as fast as hoped and emphasized that it has “a long way to go.”
The US Dollar Index (DXY), which tracks the greenback’s value against a basket of six currencies, is climbing 0.70%, up at 105.023. At the same time, the US 10-year Treasury bond yield reached a high of 4.005% before retreating to current levels at 3.960%.
The docket featured consumer confidence on the Mexican front, which improved from 44.3 to 44.8 in February. The same report highlighted that the financial situation for households has deteriorated to 56.1, while consumers commented that they are more likely to make large purchases.
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