Despite soft eurozone data this week, the euro has gained ground, courtesy of FOMC member James Bullard. The president of the St. Louis Fed was blunt and pessimistic, saying that the Fed might have to lower rates shortly due to low inflation and the ongoing trade war with China. Bullard warned that the Fed may have to deal with “a n economy that is expected to grow more slowly going forward, with some risk that the slowdown could be sharper than expected due to ongoing global trade regime uncertainty “. Bullard added that the current benchmark rate, which is at a range of 2.25% to 2.50%, is too high for current economic conditions, and recommended lowering rates in order to stabilize the economy. The dovish comments about lower rates helped boost the euro on Monday.
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