The economic calendar was light with the Richmond Fed index for May coming in at -9 vs -13 last month (expected -9). Although better, it is still in contractionary territory.
Despite these concerns, Fed officials held the federal funds rate steady at 4.25%–4.50%, citing heightened uncertainty and the need to assess the full impact of evolving government policies. Policymakers acknowledged that they may face difficult trade-offs if inflation proves more persistent while growth and employment weaken. Fed Chair Jerome Powell has previously noted that tariffs could complicate efforts to restore price stability. Notably, there was no internal dissent over the decision to keep rates unchanged—something that surprised market participants expecting more pushback given the current economic strain.
Markets, meanwhile, continue to price in two rate cuts for the second half of the year, a stance that was unchanged by the release of these minutes. Although the near-term policy outlook remains steady, the Fed’s evolving forecasts and the intensifying impact of trade policy suggest that the central bank’s path ahead could become increasingly complex and politically fraught.
The final numbers for the major indices are showing;
Dow Industrial average -244.95 points or -0.58% at 42098.70.S&P index fell -32.99 points or -0.56% at 5888.55Nasdaq fell -98.22 points or -0.51% at 19100.94.In other markets:
Crude oil rose $0.92 or 1.53% at $61.82Gold fell -$6.59 at $3294Bitcoin is trading at $107,383 This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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