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NEW YORK, May 21 - The U.S. dollar edged up against the euro on Tuesday, as Federal Reserve policymakers said it is prudent for the U.S. central bank to wait several more months to ensure that inflation really is back on a path to the 2% target before commencing interest rate cuts.
Fed Governor Christopher Waller told the Peterson Institute for International Economics in Washington, on Tuesday, he would need to see several more months of good inflation data before he would be comfortable supporting an easing in the stance of monetary policy. "Fed speakers are driving the market - and they, so far, haven't said anything traders didn't expect," said Helen Given, FX trader, at Monex USA in Washington.
"What that does is it takes out the tail-risk scenario that the Fed is still thinking about hikes because they are effectively questioning their assumption that rates are restrictive enough," said Vishal Khanduja, co-head of Broad Markets Fixed Income at Morgan Stanley Investment Management.
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