- The Australian Dollar cleared gains against the US Dollar following the 50 basis point rate cut by the Fed.
- The Fed lowered its GDP growth projection for 2024 to 2%, down from 2.1% previously and increased its Unemployment Rate forecast for 2024 and 2025 to 4.4%, up from 4.2%.
- Inflation expectations eased, with PCE inflation forecast to reach 2.3% by the end of 2024, down from the previous estimate of 2.6%, while core inflation is expected to settle at 2.6%.
- The Fed cut rates by 50 basis points to a range of 4.75-5.00% in an effort to balance economic conditions.
- Fed Chair Powell stated that the rate cut was not a signal of a new pace of reductions and that the Fed had been patient and is moving at an appropriate pace.
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