The Federal Reserve has decided to maintain the current interest rate at 4.25–4.5%. The dot plot continues to indicate two rate cuts this year, unchanged from previous projections. However, the number of projected cuts for next year and the year after has each been reduced by one.
GDP forecasts for both this year and next have been revised downward, while the full-year PCE (Personal Consumption Expenditures) inflation forecast has been revised upward.
In typical Powell fashion, his language remains ambiguous: “Rate cuts—it could come quickly, it could not come quickly…”
The market has responded by retesting the $595 level once again. Regardless of commentary, once the news is out, it becomes public information. What matters now is the technical setup.
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