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The Fed’s policy pivot: Premature?
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US Federal Reserve held its key funds rate steady, but signalled cuts next year. “Inflation has eased over the past year but remains elevated," it stated, with its scan shifting to whether “any additional" policy firming is needed to hit its 2% goal.
Hints were dropped of policy being eased even if inflation comes within close range. Broadly, markets expect cuts adding up to three-quarters of a percentage point in 2024, in line with what the dot-plot projections of policy panel members signalled.
Wall Street whoops of excitement quickly went global; US Treasury bond yields slid, making Indian equities more attractive to foreign portfolio investors. Investment inflows from abroad are welcome.
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