Independent Strategy

The Fed nominations

President Biden’s decision to re-nominate Jerome Powell as Chair of the Fed governing board removes some uncertainty but doesn’t alter the policy path. Such continuity is still good for markets. This leaves the Fed on track to start hiking by the middle of next year, amid a strong economic backdrop and sticky inflation. We are long the US dollar for now but expect the weight of Bidenomics to begin to drag on the greenback next year.

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