Anyone trading on Fed watch last night would have been left frustrated by the mixed messages given. It looked initially that Fed chair Powell was setting up for a hawkish cut. Removing the phrase “act as appropriate” from the FOMC Statement was seen as a move to a wait and see mode. It does, but then there was a distinctly dovish part of Powell’s press conference, when he discussed inflation, that has really put the dollar bulls on the back foot again. Powell said that the Fed was not interested in raising rates right now, but then cranked it up by saying it would take a “really significant” rise in inflation before ... (full story)