A few moments ago, the US Federal Reserve kept interest rates unchanged as expected at the current levels at 0.25%, while it decided to accelerate the pace of reducing its purchases of assets by 30 billion dollars per month, compared to 15 billion previously, by 20 billion of treasury papers and 10 billion of mortgage-backed securities. The Economic Forecasts Report, or the Diet Bulot, came as five members expect two rate hikes in the next year 2022, while 10 members see a 3 rate hike next year. Expectations for PCE inflation at 5.3%, compared to 4.2% in the September estimates, and at 2.6% next year, from 2.2% in the September estimates. On the other hand, growth expectations came to decline to 5.9% this year from 5.9% in the September estimates, and to rise to 4% Next year. The reaction of the dollar was strong, as we mentioned in the second scenario in our morning report that if the reduction came by 30 billion per month and hinted at raising interest rates in turn, the reaction of the US dollar would be strong, but the reduction in US growth expectations for the current year affected the rises, as the general index of the US dollar trades At 96.74 levels, after testing 96.88 levels moments ago, amid anticipation of Jerome Powell’s press conference a few moments later. R
05/11/2024
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