The Fed surprised traders by signalling there will be zero rate hikes this year and just one in 2020.
The Federal Reserve surprised markets by cutting its interest-rate forecast to zero hikes this year and just one in 2020.
Brexit uncertainty has reached fresh levels after Prime Minister Theresa May requested a three-month extension. Fed Chairman Jerome Powell said it could be"some time" before unemployment and inflation prompt a change in policy. The central bank cut its growth forecast from 2.3% to 2.1% this year, after the US economy expanded 2.9% last year. It also said it would cease allowing $50 billion of Treasuries and mortgage-backed securities to roll off its balance sheet each month from September.might not come to a swift conclusion.
Still"spooked by market gyrations" in the fourth quarter of 2018, the Fed has"thrown in the towel," said Neil Wilson, chief markets analyst at Markets.com.
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