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Dollar Rebounds After Fed Drama & Trump’s Powell Denial
Posted
July 17, 2025
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344
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July 17, 2025
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3:36Now PlayingCam Dawson, CIO at NewEdge Wealth, discusses "the Golden Corral of Complacency" in markets.
Stocks rose after a better-than-estimated retail sales report and a drop in jobless claims pointed to economic resilience. The dollar bounced a day after speculation about the fate of Federal Reserve Chair Jerome Powell rattled financial markets. Treasuries wavered.
The S&P 500 hovered near its all-time highs. The greenback resumed its month-to-date climb while bond yields were little changed. Money markets are pricing fewer than two Fed rate cuts this year, down from the possibility of three at the start of the month.
US retail sales saw a broad advance, potentially tempering some concerns about a retrenchment in consumer spending. Separate data showed applications for US unemployment benefits declined for a fifth straight week to the lowest level since mid-April, showing a solid job market.
“The consumer came back to life in June,” said David Russell at TradeStation. “Other data like initial jobless claims and Philly Fed also painted the picture of a strong economy. While it’s good for growth overall, it makes it harder to justify rate cuts.”
In such an environment, Russell says that could also help put a floor under the US dollar following a big selloff in the first half of the year.
To Neil Dutta at Renaissance Macro Research, while retail sales beat estimates, enthusiasm ought to be tempered somewhat given the pick-up in consumer goods prices over the month.
Speculation over Fed Chair Jerome Powell’s future rattled markets on Wednesday before President Donald Trump downplayed the prospect of replacing him. Trump, who has long pushed for lower interest rates, has made no secret of his frustration with the Fed Chair.
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