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WTI crude oil, AUD/USD analysis: Asian Open – 28/08/2023
Market Summary: Jerome Powell hinted that the Fed may need to raise interest rates further, although vowed to “proceed carefully as we decide to tighten further or, instead, to hold the policy rate constant and await further data” Whilst Powell’s Jackson Hole speech was not as hawkish as the one he delivered in 2022, it seems to have convinced markets that at least one more rate hike could be in the pipeline Fed Fund futures imply an 85.5% chance of the Fed keeping rates on hold in September, although they are beginning to price in another 25b hike in November with a 48.4% probability Federal Reserve member ... (full story)