Here is what you need to know on Wednesday, June 22:
The dollar is capitalizing on safe-haven flows early Wednesday and gathering strength against its major rivals. Investors grow increasingly concerned over a global recession as major central banks remain on track to continue to tighten their policies to battle inflation. FOMC Chairman Jerome Powell will testify before the US Senate Banking Committee in the hearing titled “The Semiannual Monetary Policy Report to the Congress.” The European economic docket will feature the European Commission’s preliminary Consumer Confidence Index data for June and Statistics Canada will release the May inflation report.
According to Bloomberg, Citigroup economists now see a nearly 50% chance of the global economy tipping into recession. Meanwhile, Richmond Fed President Thomas Barkis said that he was not expecting the US economy to experience the stable growth of the past…
