$BNB
After the Federal Reserve cut interest rates, the dollar recorded its worst single-day performance since September. On Wednesday, Federal Reserve Chairman Jerome Powell emphasized risks in the labor market while downplaying inflation concerns, resulting in the dollar's worst performance in nearly three months. The dollar index closed down 0.4%, marking the largest decline since September 16, following the Fed's decision to lower rates by 0.25 percentage points. Bank of America strategist Alex Cohen stated, "Compared to previous predictions, Powell's attitude toward the labor market is less optimistic." He added that the Fed Chairman's comments on labor and inflation triggered the dollar's decline. Macro strategist Edward Harrison noted, "As the Fed's stance diverges from increasingly hawkish central banks, the weak dollar should find guidance from bond and interest rate differentials."
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