The market expected rates to stay high for longer rather than rocket higher in response to the Fed funds rate adjustment.
Committee members surprised markets by projecting two more 25 basis point hikes this year, sending short-term US yields higher and closing out bets on any cuts in 2023. “The two projected hikes were viewed as hawkish initially,” said Steve Englander, head of G10 currency research at Standard Chartered in New York, but traders soon unwound that a bit as Powell struck a balanced tone in his news conference.
Fed funds futures pricing didn’t budge all that much, but expectations for a hike next month firmed a little and traders pushed any hopes for cuts deeper into 2024.
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