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Looks Like a Pause
The Federal Reserve approved its 10th interest rate increase in just over a year, raising the Fed funds rate by 0.25 percentage points to a target range of 5%-5.25%.
Many interpreted the Fed's comments as signaling a potential pause in the tightening cycle, mainly due to the removal of a sentence in the post-meeting statement. The statement no longer mentioned that "the Committee anticipates that some additional policy firming may be appropriate" to achieve the Fed's 2% inflation goal.
This change in language suggested that the central bank might be considering a pause in further rate hikes while assessing the impact of previous hikes on economic growth, inflation, and financial conditions. Furthermore, the statement's emphasis on data dependency and the acknowledgment of economic and financial developments reinforced the idea that the Fed was adopting a more cautious and flexible approach to its future rate decisions.
The futures market agreed with the Fed whisperers and is currently pricing in a pause in June. Likely exacerbated by the surprise continuation of the regional bank distress immediately following Jerome Powell’s presser, the market is also anticipating over 3 cuts by December.
Source: CME Group, Fundstrat...Reports you may have missed
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