Dollar Recovers, Fed Leadership Buzz, Rate Cut Expectations

The dollar stabilized on Friday, defying stock market gains and rate cut expectations, due to robust consumer sentiment and rising Treasury yields. Meanwhile, speculation swirls around President Trumps potential nominee for Fed Chair, Kevin Hassett, who could advocate for a weaker dollar and raise questions about Fed independence. Economic data showed mixed results, with personal spending meeting expectations, personal income exceeding forecasts, and the core PCE price index aligning with predictions. The University of Michigans consumer sentiment index surged, indicating a more optimistic outlook among consumers. Traders now expect a 95% chance of a rate cut at the upcoming FOMC meeting.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.