Prominent hawk and voter Mr Bullard on the other hand, reiterated his view today on CNBC for raising interest rates to 3.75% - 4.00% this year , which is markedly higher than the SEP 3.4% median projection . Both officials, echoed Mr Powell, arguing that the US in not currently in a recession, despite the two consecutive quarters of contraction. However, the US central bank will have a hard time taking the foot off the pedal if inflation figures don't help towards this direction. On the other hand, the poor weekly start casts some doubt over its recovery prospects and renewed pressure towards the EMA200 (at around 3,950) would not be surprising. However a strong catalyst would be required for daily closes below that level that would pause the upside momentum.

Source: Washington Post August 03, 2022 15:01 UTC