The Fed kept rates unchanged, but hinted at possible future rate cuts, causing some market volatility. Strong earnings from Meta and Microsoft boosted equities, offsetting post-FOMC losses. Gold prices rebounded, while oil struggled to stay above $70 and copper futures plunged. The Bank of Japan kept rates steady, leading to a slight lift in the yen. US assets are adjusting to the Fed’s message, with Chair Powell taking a slightly more hawkish stance, emphasizing a ‘wait-and-see’ approach amidst uncertainties like trade agreements and tariffs. Waller and Bowman dissented, urging for a rate cut pending incoming economic data.

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