The dollar is under pressure on the outlook for easier Fed policy, with the FOMC expected to cut interest rates by another 50 bp this year. The dollar found support today on hawkish comments from St. Louis Fed President Alberto Musalem and Atlanta Fed President Raphael Bostic, who said they see limited room for additional Fed interest rate cuts. St. Louis Fed President Alberto Musalem said he sees limited room for additional Fed interest rate cuts amid elevated inflation and believes rates are now "between modestly restrictive and neutral." The markets are now pricing in a 92% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29. Swaps are pricing in a 2% chance of a -25 bp rate cut by the ECB at the October 30 policy meeting.