BOJ Governor Ueda Highlights Uncertainty Over Future Interest Rate Hikes 
RBNZ Cuts Interest Rates Again as Inflation Cools and Recovery Remains Fragile 
BOK Expected to Hold Rates at 2.50% as Housing and Currency Pressures Persist 
Kazakhstan Central Bank Holds Interest Rate at 18% as Inflation Pressures Persist 
ECB Signals Steady Rates Ahead as Policymakers Warn of Inflation Risks 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Japan’s Finance Minister Signals Alignment With BOJ as Rate Hike Speculation Grows 
Fed Officials Split as Powell Weighs December Interest Rate Cut 
Indonesia Aims to Strengthen Rupiah as Central Bank Targets 16,400–16,500 Level 
In September, FOMC members projected three rate hikes for 2018 after hiking interest rates by 25 basis points three times each this year. And at this week’s FOMC, participants have once again reaffirmed their decision to continue projecting three rate hikes for 2018, despite concerns among policymakers that inflation has consistently remained below FOMC’s target of 2 percent. Speaking at an event earlier this year, outgoing Fed Chair Janet Yellen described the phenomenon as a mystery.
However, the bond market doesn’t seem to be convinced with participants’ assessment of three rate hikes for 2018. Instead, the federal funds rate is pricing two rate hikes for 2018; one in March with 51.7 percent probability and the other one in September with 52.4 percent probability.
While gradual repricing to include the third hike would be supportive for the dollar, it would have less to gain from monetary policies alone, especially with two rate hikes already priced in by the third quarter and with Federal Reserve shrinking its balance sheet in a well-defined pre-determined pace.
The dollar index is currently trading at 93.55
