The FOMC decided to cut interest rates by 25 bps at the July meeting and end a program of balance sheet reduction. However, markets were seeing a small chance for even more action in terms of 50 bps cut. Meanwhile, 2 members preferred no cut at all, suggesting possibly less space for future cuts. EURUSD sunk below 1.11 and gold prices slid as a result. Fed’s Powell conference will begin at 7:30pm BST.
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