The Fed only projects one rate cut this year, down from three, but raises the number of total projected rate cuts to 4 in 2025.
The sails of the Opera House are illuminated with projections on the opening night of Vivid Sydney 2023 in Sydney, Australia, on Friday, May 26, 2023.Asia-Pacific markets were set to climb on Thursday after the U.S. Federal Reserve held the Federal Funds rate at 5.25% to 5.5%, and shifted itsThis was down from the three cuts projected in its March meeting, although the dot plot also indicated a more aggressive cutting path for 2025.
futures also pointed to a stronger open for the market, with the futures contract in Chicago at 39,165 and its counterpart in Osaka at 39,200 compared to the previous close of 38,876.71.post-meeting statement said "inflation has eased over the past year but remains elevated," echoing language from the last statement.
However, the new statement also said, "In recent months, there has been modest further progress toward the Committee's 2 percent inflation objective."Separately, inflation in May remained unchanged from April, rising 3.3% year-on-year and remaining flat on aa month-on-month basis. Overnight in the U.S., all three major indexes rose in response to the Fed's decision and May inflation reading.The broader market index climbed 0.85%, closing at 5,421.03, while the
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