The shock French election result that saw the left-wing New Popular Alliance win the largest share of the vote has thrown the process of forming the next French government into chaos. There is now a hung parliament in France and there could be months of horse trading before a party can form a coalition and a prime minister is appointed. The euro was mildly lower at the start of this week, although EUR/USD is still above $1.0800, and Cac 40 futures point to a 0.
Powell is likely to be pushed on the impact of inflation, and some Democrats could urge the Fed chair to cut rates sooner rather than later, to boost Biden’s fledgling election campaign. However, the Fed is not political, and they are unlikely to be swayed by politicians over the timing of rate cuts, instead the Fed will follow the economic data. As we move into the summer, the focus is on the timing of the Fed rate cut, rather than the turmoil surrounding President Biden’s reelection campaign.
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