Fed cuts, revises dot plot, markets still want more

Thursday 19th September 2024

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Perhaps not surprisingly the Fed opted for the 50bp cut. Markets responded sharply, but then rowed back shortly afterwards as Jerome Powell tried to downplay the significance of the move at the press conference that followed, saying this wasn’t a new pace just a recalibration of policy. NAB’s Gavin Friend joins Phil to decipher the language, the revised forecasts and the market response. Next, it’s the BoE, unlikely to move, particularly after a slightly hotter than expected inflation print. Plus, Australian employment numbers and NZ GDP today. 

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