The week started with US Federal Reserve (Fed) Chair Jerome Powell taking centre stage on Monday and effectively pouring cold water on rate-cut bets.
The week that was: All about the Fed The week started with US Federal Reserve Chair Jerome Powell taking centre stage on Monday and effectively pouring cold water on rate-cut bets. Powell indicated that the Fed would likely opt for the more standard 25 basis point rate cuts; ‘This is not a committee that feels like it is in a hurry to cut rates quickly’, the central bank Chair added at the National Association for Business Economics Annual Meeting in Nashville.
meeting minutes will make the airwaves on Wednesday at 6:00 pm GMT. You will recall that in an 11-1 vote, the Fed opted for a bulkier 50 bp reduction at its September meeting, bringing the Fed funds rate to 4.75-5.00%. Since the last meeting, we have seen more of a hawkish rate repricing; investors are now leaning toward a 25bp cut at November and December’s meetings, aligning with the year-end September SEP projections.
will be the focus of early Asia Pac on Wednesday at 1:00 am GMT. Markets largely forecast that the central bank will reduce its official cash rate by 50bps this week amid softening price pressures and sluggish economic activity . A 50bp cut this week would bring the OCR to 4.75% following the 25bp reduction in August from 5.50% to 5.25%.The last meeting also witnessed a less hawkish approach; thecentral bank lowered its projections for the OCR, with further reductions projected for 2025.
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