Forex

As expected, the Federal Reserve left rates unchanged at 2.00% last week. The tone of the final speech was more hawkish than the previous one. In fact, inflation is the biggest concern now, but risk of growth is almost as important. Only one Fed's official, Mr. Fisher, was in favour of a rate hike. As a result, economic data will be watched very carefully over the next weeks/months, as the fiscal stimulus package is just beginning to produce some results. How? In May, the U.S. personal consumer spending (PCE) increased 0.8% (0.7% expected) from April's 0.4%. Personal disposable income rose instead 5.7% and savings rate moved up to 5.0%.