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The dollar index hovered around 102.1 on Wednesday after retreating in the previous session, as investors cautiously awaited September consumer inflation data for guidance on the Federal Reserve’s next interest rate move. The greenback also came under pressure after New York Fed President John Williams suggested that one additional rate hike may be appropriate this year, while further tightening would likely be unnecessary in 2025. At the same time, Fed Governor Christopher Waller noted that inflation expectations remain “well anchored.” Markets are also watching for comments later today from Richmond Fed President Thomas Barkin and Fed Vice Chair for Supervision Michelle Bowman. Futures currently imply about a 77% probability that the Fed will hold rates steady this month and an 88% chance of a rate increase in December.
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