1. Dollar Slips After Trump Says That He May Hold Up South Korea Trade Deal
The dollar slipped after noting a major rally yesterday on statements by U.S. President Donald Trump who said on Thursday, that he may hold up a trade agreement reached this week with South Korea. Trump’s statement that he would stall the trade deal talks until after a deal is reached with North Korea on denuclearization caused the dollar to dip against the yen. It is important to note however, that Trump agreed this month to accept an invitation to meet with North Korean leader Kim Jong Un.*
2. Tesla Recalls Model S
Tesla is reportedly recalling more than 120,000 Model S cars over a potential power steering failure. It should be noted that Tesla (TSLA) Inc shares recorded a rally on Thursday ahead of the release of the company’s quarterly auto production data next week. The stock is expected to open much lower today (-3.1%) after news that the company is voluntarily recalling ~123K Model S sedans globally over an issue that could affect steering.**
3. Harker Sees Two Additional Fed Rate Hikes This Year
Philadelphia Fed President Patrick Harker said on Thursday that he expects more interest rate hikes this year than he previously predicted. Last month, Harker said he expected only two total policy tightenings in 2018. Harker’s latest forecasts reflect the Fed’s move to a slightly more aggressive policy stance, including projections of more rate hikes over the next few years as inflation is expected to finally rise above target in the year to come.***
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