Attention Monday turns to Governor Stephen Miran, who dissented in favor of a 50-bp move and is due to explain his rationale.
“Miran’s speech will be the most market-relevant,” said Joseph Capurso of Commonwealth Bank of Australia, noting investors want clarity on how officials weigh independence and outside influence.
Independence Debate Tempers Upside
While the index is firmer, questions around the Fed’s independence may curb follow-through. Investors are parsing whether political or external pressures could shape the path of rates, keeping positioning cautious.
With multiple appearances scheduled this week—including Chair Powell—any hint of a faster or slower easing trajectory could jolt the greenback.
For now, the DXY holds its recovery, but the next leg likely hinges on whether officials reinforce a gradual-easing narrative or signal a shift in stance.
