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Gold, dollar, crypto money, stock market, world markets... How was the Fed's decision received?
Gold, dollar, crypto money, stock market, world markets... How was the Fed's decision received?
The Fed kept interest rates unchanged, in line with expectations. However, year-end interest rate projections have changed. While the current rate is in the range of 5.00-5.25 percent, estimates point to the 5.50-5.75 percent range. This means that the Fed may raise two more interest rates. While the development brought an increase in US bond yields, it caused a decrease in almost all markets.
The Fed's decision to delay the hike at this meeting came with the forecast that another two-quarter point move is on the way before the end of the year.
In line with the expectations, the Fed did not change the policy rate, keeping the interest rate constant in the range of 5-5.25 percent. The Fed began raising interest rates in March 2022. The bank increased the interest rate by 500 basis points in total. With the last decision, the policy rate was left at the highest level of the last 16 years. In the meeting text, it was revealed that the Fed is willing to continue to increase interest rates, two more times after June, and that interest rate cuts are expected in 2024.
The prospect of further rate hikes weighed on stocks soon after the news broke, but the encouraging talk of fighting inflation kept the market rallying for a short while.