and the Nasdaq scored record closing highs for the third consecutive session on Wednesday and U.S. Treasury yields pared earlier declines as investors weighed a market-pleasing inflation report against lowered interest rate cut expectations.
The more-hawkish-than-expected SEP seemed to contradict the Labor Department's closely watched CPI report released earlier in the day, which showed core prices growing at their slowest annual pace in over three years. "I think the main takeaway will be that the market was probably expecting the Fed to shift the dot plot from three cuts to two cuts," Mayfield added."Instead it was shifted from three cuts to one cut, which on margin is a hawkish surprise."
The Japanese yen strengthened 0.14% versus the greenback at 156.88 per dollar, while Sterling was last trading at $1.2793, up 0.42% on the day.