Fed's bold pivot sets the stage for 2024
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In this episode, we delve into the aftermath of the Federal Reserve's unexpectedly dovish shift following its December policy meeting. FOMC Chair Powell said the \\u2018progress\\u2019 had been made on inflation, while noting that discussions were already being had on interest rate cuts. The \\u2018dot plot\\u2019 was also revised lower, suggesting a total of 75 basis points of cuts in 2024. Markets embraced the narrative of imminent and rapid rate reductions, triggering a sharp sell-off in the US dollar against most currencies.\\xa0
We also give our thoughts on the December policy announcements from both the Bank of England and European Central Bank, while each picking the currencies that have surprised us the most in 2023.
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