#Who To What is Fed Chair Jerome in The Upcom

[inexable]

The Fed's Game-Changer Speech!

Federal Reserve Chair Jerome Powell has just announced a significant shift in economic policy from Jackson Hole, signaling that the long battle with inflation is nearing its end. With inflation now below 3% and unemployment slightly rising from historic lows, the Fed is looking to cut interest rates to help stabilize the job market.

What are your thoughts on this move? Can the lowering of interest rates bolster the economy without leading to negative repercussions? How do you think this decision might influence the upcoming presidential election? Let’s discuss the potential impacts and implications of Powell’s striking new direction!

[orbemnews]

Beware the Fed's asset price 'monsters' “A number of participants suggested that if the economy continued to make rapid progress toward the committee’s goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases,” the minutes said. The gentlest of warnings from the central bank helped send stocks to a third straight day of losses. The CNN Business Fear & Greed Index is now solidly in the “fear” zone, a major shift from a month ago when greed dominated. Remember: Ultra low interest rates and massive bond purchases by the Fed have helped accelerate the recovery from the pandemic. But they have also spurred a huge stock market rally, plus spikes in real estate prices and other assets. Now, investors are worried that accelerating inflation will force the central bank to pull back stimulus sooner than anticipated. Fed officials have largely waved off these fears, saying they expect price hikes to be fleeting. “However, a couple of participants commented on the risks of inflation pressures building up to unwelcome levels before they become sufficiently evident to induce a policy reaction,” the meeting minutes stated. Kit Juckes of Societe Generale said investors would be best served for now by paying attention to the Fed’s actions rather than its words. “The [Federal Open Market Committee] members aren’t just talking instead of doing, they’re talking about when they should start talking properly about tapering their asset purchases,” he said in a research note on Thursday. Juckes pointed out that the Bank of Canada has already started tapering its stimulus, and the Reserve Bank of Australia will decide whether to extend its measures in July. China’s central bank is already pulling back. What’s different about the Fed? According to Juckes, the US central bank is treading carefully out of fear. “The Fed is terrified of the asset price monsters that its policies have given birth to,” he said. What’s next: St. Louis Fed President James Bullard said during an interview on Wednesday that it would be Fed chair Jerome Powell’s call when to open the discussion on pulling back stimulus. “I’m advocating that we get more solid evidence that the pandemic is really behind us, and is not going to have a ‘stinger tail’ to it that turns out to be a problem that extends for another six months or something or longer,” he said. “You don’t want to start down a path of changing policy and then have to go back into emergency mode because the pandemic has gone in some direction that you didn’t anticipate,” added Bullard. A painful reality check for bitcoin Bitcoin and other cryptocurrencies endured a vicious sell-off on Wednesday as China took more more steps to crack down on the digital coins. Bitcoin has recovered some lost ground. But the king of cryptocurrencies is still trading below $40,000, roughly 20% lower than where it started the week. Whether that matters depends on your perspective. Investors who bought into bitcoin six years ago are sitting on gains of more than 16,000%. If you only took the plunge six months ago, you’ve still more than doubled your money. But for anyone hoping to use bitcoin as an actual currency, Wednesday’s crash shows the currency remains extremely volatile. That’s not an attribute typically desired in a currency. It’s also a reality check for big investors. Institutional investors have had enough of cryptos for the moment, according to strategists at JPMorgan Chase. “Institutional investors appear to be shifting away from bitcoin and back into traditional gold, reversing the trend of the previous two quarters,” they said in a research note. Of course, we can’t discuss bitcoin without mentioning Elon Musk. In a tweet Wednesday, the Tesla (TSLA) CEO posted a diamond and praise hand emoji — a reference to the term “diamond hands” used by WallStreetBets traders — to indicate that the electric carmaker is holding onto its bitcoin position. Counterpoint: Investors shouldn’t be taking cues from Musk. “Do not pay attention to Elon Musk’s comments about anything in crypto. He knows virtually nothing about cryptocurrencies, that’s the worst thing,” William Quigley, managing director at crypto-focused investment fund Magnetic, said during CNN Business’ digital live show Markets Now. Lipstick sales are up more than 80% Face masks and lockdown orders have kept lips largely out of sight in the pandemic. That hurt lipstick sales last year. But makeup sellers say the fate of the cosmetics staple is starting to turn around as more people get vaccinated and the pace of social interactions picks up, my CNN Business colleague Parija Kavilanz reports. According to the latest figures from market research firm IRI, which tracks point of sale data at retailers, lipstick sales hit $34.2 million in the four weeks ending April 18, up more than 80% from the same period a year earlier. They still fell short of pre-pandemic levels of over $40 million. Walmart (WMT) told CNN Business in an email that lipstick is the top performer across all segments of cosmetics, and that lipstick sales were a standout in its latest quarter ending April 30. The retailer said shoppers were showing a strong preference for longwear and smudge-proof lipsticks that don’t rub off as easily inside of a mask. More recently, Walmart said customers are grabbing bright colors like purples or blues, as well as trendy browns, in what it called an “opportunity for customers to once again express uniqueness.” A change in mask guidance could also work in lipstick makers’ favor. The Centers for Disease Control and Prevention said last week that fully vaccinated people don’t have to wear masks or practice social distancing indoors or outdoors, except in certain settings such as schools. Up next Kohl’s (KSS), Ralph Lauren (RL), Hormel Foods (HRL) and BJ’s Wholesale (BJ) report results before US markets open. Applied Materials (AMAT) and Ross Stores (ROST) are up after the close. Also today: US jobless claims at 8:30 a.m. ET. Coming tomorrow: Earnings from Deere (DE) and Foot Locker (FL). Plus, existing home sales for April. Source link Orbem News #Asset #BEWARE #Feds #investing #Monsters #Premarketstocks:BewaretheFed'sassetprice'monsters'-CNN #price

[brettzjacksonblog]

Is Bitcoin Down 15% Due to Fed Chair’s Criticism of Facebook’s Crypto?

The bitcoin price rally this week hit a snag as the world’s most powerful banker publicized his views on the Facebook’s upcoming cryptocurrency project.

The BTC/USD instrument plunged by up to 15.43 percent to settle a session low of $11,169.36 on San Francisco-based Coinbase exchange. The move downside took place after the Federal Reserve Chairman Jerome Powell expressed ‘serious concerns’ about Facebook’s cryptocurrency, Libra. The banker said the social media giant’s project raises issues regarding “privacy, money laundering, consumer protection, and financial stability.”

“These are concerns that should be thoroughly and publicly addressed,” he added.

The comments reportedly spooked bitcoin investors at a time when the cryptocurrency was hinting to retest its year-to-date high of $13,868.44. A string of large sell orders seen across the leading cryptocurrency exchanges brought bitcoin down from $13,202.63 session top to $11,620 within just six hours of trading.

Bitcoin Price has Plunged 11.28% in the Last 24 Hours | Image Credits: TradingView.com, Coinbase

Libra Influencing Bitcoin Trends

Facebook’s Libra presented a bullish case for bitcoin. Its introduction in June assisted the world’s first decentralized cryptocurrency rise by as much as 75 percent. Billionaire investor Mike Novogratz believed that Facebook’s foray into the cryptocurrency space validated bitcoin’s long-term potential as an asset, especially before institutional investors. The Galaxy Digital founder told CNBC Squawk Box:

“One of the largest companies in the world said we believe in cryptocurrencies. If you’re an institutional investor who’s getting close and still worried about investing, it makes you that much more confident.”

Nevertheless, the possibility of looking at an untampered Facebook cryptocurrency dropped following the concerns shared by many governments and regulators across the world. A minister in France accused Libra of attempting to replace sovereign currencies. US lawmakers went ahead and asked the Libra team to halt their development. China and India, two of the world’s largest remittance beneficiaries, also refused to include the Facebook cryptocurrency into their existing financial systems.

“People valuing Libra is inseparable from the global dollarization trend, and maintaining a strong monetary status may put China in a favorable position. China should take precautions and undertake policy research,” said Xiaochuan Zhou, former governor of People’s Bank of China.

1/ Xiaochuan Zhou, former governor of PBoC: Libra reprensents the trend of digital currencies, China should take precautions. Zhou was the PBoC governor during 2013 to 2018, when the famous Chinese bitcoin exchange crackdown and ICO ban were conducted. pic.twitter.com/XAyHgVwRsY

— cnLedger (@cnLedger) July 10, 2019

Idiosyncratic Factors

Many believe bitcoin is due for a further drop but not because of panic-selling. To bulls, the cryptocurrency remains in a strong uptrend, and sharp interim corrections are only a reminder of it. Josh Rager, one of the most followed cryptocurrency analyst, tweeted on Sunday that every upside move of bitcoin meets a sharp pullback. The price then consolidates in a range for two to three weeks before continuing to the upwards.

Bitcoin Pullbacks During an Uptrend Scenario | Image Credits: Josh Rager

“Don’t take this chart too seriously,” Rager added, “as no one can predict price action, but Bitcoin likely ranges here. Total guess if BTC continues uptrend to new ATH afterward.”

Novogratz also commented that he expects bitcoin price to consolidate in a wide range of $10,000 and $14,000 before moving upward. He noted that there are factors other than Libra that could drive the cryptocurrency’s price higher. One of them is capital control in China.

“A huge amount of the volumes of what’s going on in bitcoin and other currencies is coming out of Asia,” he explained.

The post Is Bitcoin Down 15% Due to Fed Chair’s Criticism of Facebook’s Crypto? appeared first on NewsBTC.

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[michaelbennettcrypto]

Is Bitcoin Down 15% Due to Fed Chair’s Criticism of Facebook’s Crypto?

The bitcoin price rally this week hit a snag as the world’s most powerful banker publicized his views on the Facebook’s upcoming cryptocurrency project.

The BTC/USD instrument plunged by up to 15.43 percent to settle a session low of $11,169.36 on San Francisco-based Coinbase exchange. The move downside took place after the Federal Reserve Chairman Jerome Powell expressed ‘serious concerns’ about Facebook’s cryptocurrency, Libra. The banker said the social media giant’s project raises issues regarding “privacy, money laundering, consumer protection, and financial stability.”

“These are concerns that should be thoroughly and publicly addressed,” he added.

The comments reportedly spooked bitcoin investors at a time when the cryptocurrency was hinting to retest its year-to-date high of $13,868.44. A string of large sell orders seen across the leading cryptocurrency exchanges brought bitcoin down from $13,202.63 session top to $11,620 within just six hours of trading.

Bitcoin Price has Plunged 11.28% in the Last 24 Hours | Image Credits: TradingView.com, Coinbase

Libra Influencing Bitcoin Trends

Facebook’s Libra presented a bullish case for bitcoin. Its introduction in June assisted the world’s first decentralized cryptocurrency rise by as much as 75 percent. Billionaire investor Mike Novogratz believed that Facebook’s foray into the cryptocurrency space validated bitcoin’s long-term potential as an asset, especially before institutional investors. The Galaxy Digital founder told CNBC Squawk Box:

“One of the largest companies in the world said we believe in cryptocurrencies. If you’re an institutional investor who’s getting close and still worried about investing, it makes you that much more confident.”

Nevertheless, the possibility of looking at an untampered Facebook cryptocurrency dropped following the concerns shared by many governments and regulators across the world. A minister in France accused Libra of attempting to replace sovereign currencies. US lawmakers went ahead and asked the Libra team to halt their development. China and India, two of the world’s largest remittance beneficiaries, also refused to include the Facebook cryptocurrency into their existing financial systems.

“People valuing Libra is inseparable from the global dollarization trend, and maintaining a strong monetary status may put China in a favorable position. China should take precautions and undertake policy research,” said Xiaochuan Zhou, former governor of People’s Bank of China.

1/ Xiaochuan Zhou, former governor of PBoC: Libra reprensents the trend of digital currencies, China should take precautions. Zhou was the PBoC governor during 2013 to 2018, when the famous Chinese bitcoin exchange crackdown and ICO ban were conducted. pic.twitter.com/XAyHgVwRsY

— cnLedger (@cnLedger) July 10, 2019

Idiosyncratic Factors

Many believe bitcoin is due for a further drop but not because of panic-selling. To bulls, the cryptocurrency remains in a strong uptrend, and sharp interim corrections are only a reminder of it. Josh Rager, one of the most followed cryptocurrency analyst, tweeted on Sunday that every upside move of bitcoin meets a sharp pullback. The price then consolidates in a range for two to three weeks before continuing to the upwards.

Bitcoin Pullbacks During an Uptrend Scenario | Image Credits: Josh Rager

“Don’t take this chart too seriously,” Rager added, “as no one can predict price action, but Bitcoin likely ranges here. Total guess if BTC continues uptrend to new ATH afterward.”

Novogratz also commented that he expects bitcoin price to consolidate in a wide range of $10,000 and $14,000 before moving upward. He noted that there are factors other than Libra that could drive the cryptocurrency’s price higher. One of them is capital control in China.

“A huge amount of the volumes of what’s going on in bitcoin and other currencies is coming out of Asia,” he explained.

The post Is Bitcoin Down 15% Due to Fed Chair’s Criticism of Facebook’s Crypto? appeared first on NewsBTC.

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[kiwitrader24]

The Fed Meeting We Trade Around - A Quick Guide

The Fed is short for The Federal Reserve System, consisting of the Board of Governors and the 12 Federal Reserve Banks

What we trade around are the 8 scheduled meetings of the Federal Open Market Committee (FOMC),  which is the policy making branch of the Federal Reserve system. The FOMC consists of 7 governors, one of which is the Chairperson and another is the Vice Chairperson. You will hear this committee & meeting referred to in the media and on Twitter as The Fed, The Fed Meeting and the FOMC.

Here is a great link to a more detailed, but easy to understand & quick read explaining he history of the Fed, it’s makeup and it’s duties:

https://www.investopedia.com/university/thefed/fed1.asp

What matters to us as traders during the FOMC:

The FOMC meets 8 times per year, but can meet at anytime necessary to address issues in the system. That means, the Fed can meet anytime with no warning and raise or lower interest rates or adjust policy. But for the most part, we anticipate these 8 regularly scheduled meetings.

In the 13 years I have been trading on a full-time basis (an investor for 27 years, but trading full-time is different from investing) only in an emergency like we witnessed in 2008 or if there is a small and inconsequential piece of business to address, have I ever seen the Fed meet other than on the regularly scheduled dates. The Fed has become so transparent, it is virtually impossible for them to surprise markets, the way Paul Volker did in the 1970′s. 

Of the 8 meetings that are regularly scheduled, 4 are followed by a press conference given by the Fed Chairperson (right now that is Jerome Powell).

Fed meetings are always scheduled over 2 days, with the 2nd day concluding on a Wed and the Fed Statement on policy is released at 2:00 p.m. ET. Very rarely does this schedule ever change, one time in 13 years have I seen this schedule change. In December of 2017,  the Fed meeting chaired by Janet Yellen, was on Wed-Thurs with statement released on Thurs 12.14.17.

The Fed Statement accompanies the Fed Decision on interest rates (whether they raise, lower or make no change). The statement is what moves markets more so than the decision which is anticipated by the market and rarely a surprise. The statement is scrutinized and scoured for nuance in language and the market trades based on what it perceives as positive or negative messages it gleans from the language in the statement. A trader should always know when the regularly scheduled Fed meeting is and should anticipate how it may affect their positions. Many professionals on Twitter claim they take the day off. I bet they also claim to never slow down on the highway to look at an accident either. IF you “take the day off,” that means you are FLAT or hold no risk of consequence that can damage your trading base. 

Here is a link to the schedule of the meetings and the ones with a press conference are followed by an asterisk:

https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm

The Fed minutes are released 3 weeks from the date of the statement, also on a Wed. at 2:00 p.m. ET. 

The Fed minutes gives the market a look inside the meeting for more details to who votes which way, if they are leaning towards changing language, and if members are working with a unified opinion on policy. Even though in the statement we are informed of who voted which way, this gives the market greater details. That is why days the Fed Minutes are to be released can often be as volatile as the day of the statement. These are not necessarily  days to take off, but see the comments below for tips on how to prepared for them.

What I like to do as a trader going into the Fed/FOMC/Minutes:

Since I trade mostly SPX I refer to that here. But if you trade another index or individual names that often move on the Fed (like banks and homebuilders), the same things apply…

Look at the way SPX traded during the last meeting, note actual levels the index was traded at, sometimes they revisit

Look at how many points in total SPX moved on the day of the last statement and anticipate a similar move for the upcoming one 

Look back to where the SPX was trading when the statement came out, and use that to compare on the days the minutes are released

Anticipate if levels the market traded on the day of the statement will be traded again on the day of the minutes Mark your calendar and set a reminder mid-week before the STATEMENT and the MINUTES to anticipate the calls or puts you buy for the following week’s expiration 

Fed Drift

This is a phenomenon where the market drifts higher on the 1st day of the meeting (Tues) as the market anticipates the decision and statement. There can be many explanations for this. The easiest one, is that shorts simple cover ahead of the event. A more sinister explanation is distribution by Funds that are off loading excess supply by driving up the market by way of the Futures and tricking people into FOMO along with forcing shorts to cover. Then they take the high and juicy short entry to play after the release of the statement. Whatever the explanation, watch for Fed Drift on Tues ahead of the Wed release  of the Fed (or FOMC) statement. There is not usually Fed Drift ahead of the minutes, but it never hurts to be prepared. Here’s hoping this gave you some actionable ideas to help be prepared for what the market does around the time of the FOMC.

[fullspectrum-cbd-oil]

Fed’s Powell Says Virus to Dictate When U.S. Economy Reopens

U.S. Federal Reserve Chair Jerome Powell told Americans on Thursday progress in controlling the spread of the coronavirus would determine when the economy reopens but assured them the Fed was taking every action to support a vigorous rebound when it comes.

In a rare network television interview on NBC’s Today Show, Powell said the United States ‘may well be in recession’ but that confidence would return once the virus was under control.

Powell spoke just about an hour before federal data showed a record-breaking spike of unemployment claims to 3.28 million, evidence that “social distancing” to fight the pandemic has taken hold, but may also have ended the country’s more than decade-long economic expansion.

His choice of venue – a network morning show when many Americans are homebound and paying close attention – was itself part of a message that seemed meant to prepare people for the dismal economic data to come, counsel patience in any rush back to work, and reassure that the Fed would act “aggressively” to keep firms and families afloat.

“We are not experts in pandemic… We would tend to listen to the experts. Dr. Fauci said something like the virus is going to set the timetable, and that sounds right to me,” Powell said, in reference to Anthony Fauci, head of the National Institute of Allergy and Infectious Diseases who is on the White House’s coronavirus task force.

“The first order of business will be to get the spread of the virus under control and then resume economic activity.”

The U.S. central bank chief’s remarks are a contrast to the urging by some of President Donald Trump’s advisers for a faster reopening. The president himself has said he wants the economy to be “roaring” by Easter, in a little over two weeks.

The Fed officials who have spoken to the issue, now including Powell, have taken a more somber approach, focusing on the need to first control the virus, then restore confidence among workers and consumers that it is safe to go back to business.

ENFORCING THE MESSAGE

Powell used the television appearance, outside the confines of the news shows or economic conferences where Fed chairs typically appear, to enforce that message and take what for a central banker is the unusual step of acknowledging the economy may be contracting even before economic data fully confirms it.

As a rule of thumb, a recession is a period when the economy’s overall level of output, or gross domestic product, contracts for two consecutive three-month quarters. However the definition used by the National Bureau of Economic Research’s Business Cycle Dating Committee, the group that determines when such periods begin and end, is far more flexible – and even a sharp downturn over a month or two may not qualify if the rebound is quick and sustained.

Equity markets have rallied in recent days as a mammoth program of economic aid has moved through Congress, with more than $2 trillion rolled out in payments to families and help for companies.

Still the current situation is so unusual Fed policymakers have become atypically blunt. As with the unemployment claims, upcoming reports are expected to show such large jumps in joblessness and lost output that their focus has shifted from downplaying the depth of the problem and toward ensuring businesses and households get through the period with their finances intact.

A deliberate choice to close stores in the name of public health, Powell said, “is not a typical downturn…There is nothing fundamentally wrong with our economy.”

Indeed the aim of the trillions of dollars in lending and bond purchases the Fed has authorized over the past two weeks is precisely to let an otherwise healthy economy pause long enough to keep people safe, Powell said, before what could be a strong rebound later in the year.

He said the central bank would lend “aggressively” to ensure that happens, with an expected commitment of more than $440 billion from the U.S. Treasury allowing the Fed to unleash perhaps $4 trillion for credit to “Main Street.”

“The sooner we get through this period and get the virus under control, the sooner the recovery can come…We know that economic activity will decline probably substantially in the second quarter but I think many expect and I would expect economic activity to resume and move back up in the second half of the year,” Powell said.

(Reporting by Howard Schneider, Editing by Chizu Nomiyama and Andrea Ricci)

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[tortuga-aak]

The next Fed chair could take a small policy step that would make a huge difference

  President Donald Trump's nominee for Fed chair, Jerome Powell, should hold press conferences at every meeting. 

This would increase transparency and public trust, and bolster policy communication.

The Fed will eventually need to take action in 'off' meetings, so the time to prepare itself and the markets is now. 

  Here’s a simple but powerful way for Jerome Powell, President Donald Trump’s nominee to replace Janet Yellen as Federal Reserve chair, to make a positive impact early in his tenure: Start holding press conferences at every one of the Fed’s eight meetings each year.

Currently, and only since 2011, the Fed chair takes questions from reporters just four times per year, during the quarterly meetings when the Fed presents its updated economic and interest rate forecasts.

This meeting-on-meeting-off arrangement has caused investors to effectively overlook non-press conference meetings, despite assurances from Yellen and other Fed officials that "every meeting is live" and could have a change in monetary policy, and that the Fed chair could always hold an impromptu press call with reporters.

In practice, the mere attempt to organize a press conference or call on an ad hoc basis would likely create speculation about a major impending move, thwarting the Fed’s goal of communicating policy clearly and effectively to the public and to financial markets.

Also in practice: Neither Yellen nor her predecessor Ben Bernanke have ever taken big policy steps, or even small ones, at non-press conference meetings. Powell may not have the same luxury — at some point the Fed may not be able to skip meetings before taking policy action. 

Holding press conferences every meeting would not only make policy easier to conduct, but would also be better for transparency in general. Conferences at every meeting would maximize the amount of information about Fed deliberations made public immediately after the meetings, as opposed to three weeks later when the Fed publishes meeting minutes. That three week lag has previously led to leaks of highly-sensitive information, including one that led a top Fed official to resign in April. 

This is a moment where the Fed may have some big decisions to make. The Fed has raised rates four times since Dec. 2015 to a range of 1% to 1.25%, and is still debating whether to hike borrowing costs further at its upcoming meeting next month. The central bank has also begun gradually winding down a $4.5 trillion balance sheet that swelled with the purchase of Treasury bonds and mortgage-backed securities in response to the Great Recession of 2007-2009 and its aftermath.

Powell, who is expected to be confirmed by the Senate without a hitch, will inherit an institution that faces sharp political scrutiny and public skepticism, nearly a decade after a financial crisis caused in part by lax oversight from regulators including the Fed.

A strong public presence such as that afforded by regular press briefings can help to counter those political pressures and the Fed’s negative public image of favoring Wall Street over Main Street. 

It's also not a departure from global norms. Both Mario Draghi and Mark Carney, heads of the European Central Bank and the Bank of England respectively, make post-meeting press conferences a regular practice. 

"A potentially important area of change under a Powell-led Fed is in communication policy," Deutsche Bank economists Peter Hooper and Matthew Luzzetti wrote in a research note to clients.

"We would not be surprised to see Powell support a move to more press conferences, one after each meeting, under his chairmanship," they added.

Let’s hope Powell gives it a shot. He's got little to lose, while the American public — and the Fed itself — have much to gain. 

NOW WATCH: This is what separates the Excel masters from the wannabes

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[anthonycharlestabone]

Having trouble viewing? View in Browser Thursday, November 2, 2017 Welcome to Fox News First. Not signed up yet? Click here.   Developing now, Thursday, Nov. 2, 2017: Trump says New York terror suspect should get death penalty, wants diversity visa program ended House Republicans to roll out tax reform plan Trump to nominate pick to succeed Fed boss Yellen Tucker Carlson Exclusive: New details on Podesta Group's ties to Russia Houston Astros win World Series, defeating L.A. Dodgers in Game 7 TUNE IN: Don't miss Laura Ingraham's exclusive interview with President Trump on "The Ingraham Angle" tonight at 9 ET. The commander-in-chief addresses the New York terror attack, diversity visa program, Mueller indictment, tax reform, his upcoming trip to Asia and so much more! THE LEAD STORY: Tuesday's terror attack in New York City has renewed calls for comprehensive immigration reform as President Trump vowed to end the federal program that allowed a suspect from Uzbekistan into the United States ... Trump on Wednesday promised to end the State Department's Diversity Immigrant Visa Program, which is how suspect Sayfullo Saipov came into the United States in 2010. Under the program, a maximum of 50,000 people are allowed into the U.S. every year in a "lottery system" that tilts toward "countries with historically low rates of immigration." Trump has called for a "merit-based" system. Saipov, 29, was charged with several acts of terrorism after driving a rented pickup truck into pedestrians on a bike path along Manhattan's West Side Highway on Tuesday, killing eight people and injuring 12. Trump said Saipov should get the death penalty.  Prosecutors say NYC terror attack suspect 'consumed by hate,' asked for ISIS flag Diversity visa program: What you need to know Howard Kurtz: Trump vs. Schumer: A troubling detour into politics after NY terror attack Remembering the NYC terror attack victims TAX REFORM ROLLOUT: House Republicans are expected to release their much-anticipated tax bill today after a one-day delay ...  Republicans, who control both chambers of Congress, are looking to tax reform for their first legislative victory since Trump took office in January. Democrats say the Trump tax plan is a giveaway to corporations and the rich. Two sources said the bill, which had been expected Wednesday, was delayed to give lawmakers additional time to address differences over the tax treatment of retirement savings accounts and a deduction for state and local tax payments. Trump's tax bill: Unknown details that could affect you TRUMP'S PICK FOR NEXT FEDERAL RESERVE CHAIR: The president said he'll announce his nominee to succeed Fed boss Janet Yellen this afternoon ... "I think you will be extremely impressed by this person," Trump told reporters before a Cabinet meeting Wednesday. Trump's leading choice is said to be Jerome "Jay" Powell, who until recently was the only Republican on the Fed board. Jerome Powell is 'Janet Yellen with a tie': Former Reagan budget director  TUCKER CARLSON EXCLUSIVE: Citing unnamed sources, Tucker Carlson reported on his show Wednesday that the Podesta group, run by Clinton allies John and Tony Podesta, lobbied several members of Congress on behalf of pro-Russia agents ... Tony Podesta, a source told Carlson, set up several meetings between pro-Russian Ukrainians and then-Senate Foreign Relations Committee Chairman Bob Menendez, who is on trial for bribery. The Podesta group consistently arranged meetings between American lawmakers and pro-Russian officials seeking influence in Washington. Carlson's report came days after he said he received a "snarling legal threat" from a lawyer for Tony Podesta over his reporting that Podesta, his brother and Paul Manafort were the "central figures" in the federal investigation led by Special Counsel Robert Mueller. Judge Andrew Napolitano: Mueller's ultimate target is Trump. Here's what could happen next ASTROS ARE CHAMPS:  The Houston Astros have won baseball’s World Series, defeating the Los Angeles Dodgers  5-1 in Game 7 on Wednesday night ... It was the first World Series title for a franchise that started in 1962 as the Houston Colt .45s of the National League. The team became the Astros a few years later when it moved into the Astrodome, and then joined the American League in 2013. Houston’s George Springer was named MVP, smacking five home runs during the Series.   AS SEEN ON FOX NEWS RARE INTERVIEW WITH JUSTICE THOMAS: "I think we're getting quite comfortable in our society limiting ideas and exposure to ideas. And maybe that's a symptom of it. I don't know." – Associate Supreme Court Justice Clarence Thomas on "The Ingraham Angle," reflecting on the wave of Confederate monuments and statues being torn down across the country. WATCH NEW YORK STRONG: "New York City was strong and solid and impressive. This city does not bend, not to anyone." – Shepard Smith, saluting New York spirit and resilience, following Tuesday's terror attack. WATCH   ACROSS THE NATION 3 dead, manhunt for suspect in Colorado Walmart shooting. Michelle Obama says men are 'entitled,' 'self-righteous' because women protect them too much. NBC story on 'backlash' against 'American Muslims' stirs outrage.   MINDING YOUR BUSINESS A bear market that will 'make its mark' looms ahead: Economist Robert Prechter. Papa John's blames NFL for sales decline, rips 'poor leadership.' Apple market value: We may need a bigger chart.   NEW IN FOX NEWS OPINION Ed Rollins: Get used to conservative outsiders, America. Seven House Representatives: Opioid addiction and abuse is not partisan, it's about saving lives. Tammy Bruce: Kevin Spacey scandal just another Hollywood case of 'everyone knows.'   HOLLYWOOD SQUARED Playboy movie with Brett Ratner put 'on hold' following sexual assault claims. House of Cards sent sexual harassment memo to staff weeks before Spacey allegations. Chuck Norris sues claiming MRI chemical poisoned his wife.    DID YOU HEAR ABOUT THIS? Iceland's biggest 'doomsday volcano' could soon erupt, wreaking mass chaos on travelers. Student sues government after school forced her to dye her hair black, she claims. Baby named Frankenstein born on Halloween.   STAY TUNED On Fox News: Fox & Friends, 6 a.m. ET: We'll have the latest on the New York City terror attack and the debate over immigration it has sparked. Guests will include: former Boston Police Department commissioner Ed Davis, NRA spokeswoman Dana Loesch and Judge Andrew Napolitano. Plus, House Majority Whip Steve Scalise talks tax reform and former special prosecutor Ken Starr gives his perspective on the Robert Mueller investigation. Your World with Neil Cavuto, 4 p.m. ET: House Ways and Means Chairman Kevin Brady will join Neil for his first interview following the release of the tax reform bill. 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[its-veso]

USD enjoys a Taylor-ed rally – updates on 5 pairs

The US dollar is on a roll, and not only against the Draghi-dragged euro. The greenback is rising across the board and one of the main reasons is the upcoming nomination of a Fed Chair. We do not have a definite name just yet, but there are reasons to suspect it will be John Taylor.

Taylor is a hawk beloved by Republicans and one of the two final candidates. The other one is Governor Jerome Powell. What we do know is that current Fed Chair Janet Yellen is on her way out[1]. Yellen is the most dovish of those three.

So why Taylor and not Powell? The Standford University Professor made a public appearance overnight and he provided wording that President Donald Trump will certainly like. Taylor said the slow growth that the US experienced after the economic crisis is a result of economic policy.

Who was the president after the crisis? Barrack Obama. If there is one consistent line in Trump’s policies, is that he is trying to dismantle anything his predecessor did. Blaming Obama makes Taylor more likable. And Trump also likes loyalty.

So if Taylor is nominated, he will likely be confirmed: he has the credentials, and this could raise expectations for rapid interest rate rises, thus boosting the dollar.

Dollar is rising

EUR/UDS is already down to low support at 1.1620, the 2016 high now works as a line of support. The euro has its own troubles: the ECB tapered bond-buying, but did not set an end date.

GBP/USD is down to 1.31. The pound actually received a dose of good news with better-than-expected growth. It initially rallied, but the expectations about the Fed Chair sent it down.

USD/JPY is around 114.30, challenging the highs. The cycle high is 114.50 and it will be a tough nut to crack.

USD/CAD continues its journey north. The Bank of Canada signaled a long pause in rate rises and a cautious approach. The pair is already at 1.2880, some 250 pips above the levels before the BOC decision.

AUD/USD is down to 0.7640. The Australian dollar suffered from a political crisis in Australia but the bigger driver is the poor CPI figure released earlier this week.

All in all, the dollar is rallying against vulnerable currencies such as the euro, the Aussie and the loonie. The dollar is rising against stable currencies such as the yen. And the dollar is also beating currencies that have reasons to rise, such as the pound. Will this continue?

Get the 5 most predictable currency pairs[2]

References

^ current Fed Chair Janet Yellen is on her way out (www.forexcrunch.com)

^ Get the 5 most predictable currency pairs (www.forexcrunch.com)

from Forex Crunch http://feedproxy.google.com/~r/ForexCrunch/~3/vuE6tWAmGdU/