FOMC minutes from December 12-13, 2023 meeting offered no major surprises. On one hand, the document noted that almost all FOMC members saw a lower rate level than current as appropriate for the end-2024. On the other hand, it was also noted that developments may warrant keeping policy rates at higher levels for longer than currently anticipated. A key takeaway from the release is lack of strong, dovish hints. Fed Chair Powell acknowledged during the post-meeting press conference in December that rate cuts were discussed at the meeting, triggering a strong risk-on rally in the markets. However, there was no follow-up on this in minutes, suggesting that rate cut discussion are not as 'live' as some had hoped.
Market reaction was rather muted. USD gained, with EURUSD briefly trading below 1.09 mark. Equity indices moved lower in a knee-jerk move before recovering part of the drop later on. GOLD moved lower and looked towards daily lows.
Source: xStation5
๐ดThree Markets to Watch Next Week: US500, BITCOIN, EURUSD (30.10.2026)
Chart of the Day: USDJPY After Fed and BoJ decisions. Is Japan getting closer to another rate Hhike?
Economic Calendar: Preliminary European GDP and German Inflation in Market Focus
ECB Holds Rates Unchanged๐ถ EURUSD down ๐