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2025-09-15 22:57:56
HSBC: The US dollar could rise briefly if the Fed fails to further strengthen rate cut expectations. Markets generally expect the Federal Reserve to cut interest rates on Wednesday. HSBC's Paul Mackel said in a report that unless the Fed hints at further rate cuts, the US dollar could rise briefly after the Fed's announcement. He said the Fed has pushed up already substantial rate cut expectations, and the bar is high. Data from the London Stock Exchange shows that the market expects the Fed to cut interest rates by approximately 140 basis points by the end of 2026. Given this, the US dollar could rise further after Wednesday's rate cut announcement. However, Mackel said that given the prospect of a faster pace of rate cuts, especially amid continued weakness in employment data, any gains are likely to be temporary. The US dollar index fell to a near one-week low of 97.298.
