The Fed did a quick u-turn from December’s dot plot with Powell open to lower rates should the data dictate a lower terminal rate was needed. The Fed saw disinflationary trends well underway and this immediately lifted precious metals, and stocks, and sent the USD to new yearly lows. The BoE followed the dovish trend and indicated that it is very close to the terminal rate now depending on the path of inflation. This move may help support the UK economy medium term. The ECB took an as-expected rate decision and the focus will now rest on the incoming Eurozone data for the ECB’s next move.

Other key events from the past week

Key events for the coming week

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