Overview

• The greenback slipped back toward pre-decision levels after last week’s rebound, with the dollar index near 97.4 and euro around $1.178.
• A large slate of Fed appearances this week includes Chair Jerome Powell, while Governor Stephen Miran plans a Monday speech to explain his 50-basis-point dissent and defend his independence.
• Futures imply roughly 44 basis points of additional easing by year-end as traders watch Friday’s core PCE inflation report and labor signals for policy cues.
• The yen hovered near 148 per dollar after a hawkish shift in Bank of Japan rhetoric that kept talk of a potential near-term hike in play.
• Sterling steadied near $1.35 after touching a two-week low, with pressure tied to the UK fiscal backdrop and recent Bank of England signals.