Here is what you need to know on Thursday, July 29:
The dollar is down after the Fed seems to be in no rush to taper bond buys, providing support to stocks and gold. The first release of US GDP is in the spotlight on Thursday. Covid continues spreading in the US and also bumping up in the UK. Cryptocurrencies have stabilized on higher ground.
Tapering can wait: The Federal Reserve has left its policy unchanged as expected and said it would consider adjusting its bond-buying scheme in “coming meetings.” It continues seeing inflation as transitory and Fed Chair Jerome Powell characterized “substantial further progress” in the labor market as still “a ways off.”
While Powell seemed less worried about the economic impact of the Delta covid variant, he refused to provide any comment about the Fed’s next big even – the Jackson Hole Symposium. With the lack of urge to decrease the bank’s $120 billion/month…