Oct 13 (Lagos) - The US Dollar strengthened against major currencies after the inflation for September came in above expectations (3.7%) and showed no reduction from August inflation number in the USA.
That was enough to spark a sell-off on wall street and the bond market where yields on the 10 year treasury pushed higher. Analysts have again started talking about the possibility of yet another hike in the US federal reserve's key benchmark lending rate. This is after some became optimistic about no more hikes and rather cutting of rates.
The US Federal Reserve Chairman has stated their goal is for inflation to reduce to 2% and has indicated that they are willing to hold interest rates higher for longer to achieve that goal.
The US Dollar was sharply higher against the UK Sterling, Euro, Canadian Dollar, Chinese yuan, Indian Rupee and Singapore Dollar.
reporting for easykobo.com on Friday, October 18 2023 from Lagos, Nigeria