Daily digest market movers: Canadian Dollar hung in midrange ahead of Fed
- The US Fed’s latest rate call and monetary policy statement will be released at 18:00 GMT today, alongside the Federal Open Market Committee’s (FOMC) Economic and Interest Rate Projections.
- Federal Reserve Chairman Jerome Powell will launch a press conference shortly after at 18:30 GMT.
- With the Fed broadly expected to hold rates steady at this week’s meeting, market focus will be pinned on the odds of a June rate call.
- According to the CME’s FedWatch Tool, money markets are pricing in a 65% chance of at least a 25 basis point rate trim at the June FOMC meeting.
- The Fed’s updated Dot Plot of interest rate projections will be closely watched today. The last iteration of the Fed’s internal rate outlook saw three rate cuts of 25 basis points each through the end of the year.
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