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Dollar Index steadies amid cautious moves ahead of US CPI data As on : 10-Oct-24  11:53

The US dollar index is steadying at a seven and half week high on Thursday with all eyes glued to upcoming US consumer price inflation data due for release later in the global day. US benchmark treasury yields continue to stay elevated above 4% and dollar index that measures the greenback against a basket of currencies well above 102 mark. According to the minutes from the Federal Reserve's September meeting, in light of the progress on inflation and the balance of risks, the Committee decided to lower the target range for the federal funds rate by ' percentage point to 4' to 5 percent. In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective. Further, the Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments, the minutes noted.

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