Fed cuts rates but ‘hawkish’ forecast hits stocks and sends dollar jumping

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Financial Times 11h ago

Fed cuts rates but ‘hawkish’ forecast hits stocks and sends dollar jumping - Financial Times

Quick Summary:

Officials’ economic projections released alongside the rate decision pointed to fewer reductions than previously forecast for 2025, underscoring policymakers’ concern that cutting borrowing costs too quickly could undermine efforts to cool price growth across the world’s biggest economy.

The dollar has rallied since Donald Trump’s election victory last month on expectations his tariff threats will cause higher inflation, but Wednesday’s Fed decision “puts more fuel on the fire”, said Mike Pugliese, senior economist at Wells Fargo.

Most saw the policy rate falling to 3.25-3.5 per cent by the end of 2026, also higher than in the forecast from three months prior.