May 04, 2022 18:11 GMT
markets-real-timeCommoditiesEquitiesBulletMarketsFixed IncomeForeign ExchangeFOMC Calendar Market News
- Equity markets respond positively to the Fed's rate decision, with the e-mini S&P adding around 25 points to touch session highs of 4207.75, while the US 10y yield sheds around 4bps before stabilising at around 2.97%.
- In tandem, greenback weakness is noted across the board, putting EUR/USD at fresh daily highs, while USD/JPY prints new daily lows of Y129.74 (but still just above yesterday's Y129.70 support).
- The market's dovish response to the Fed rate decision the accompanying Fed statement not stepping up hawkish rhetoric from the previous rate decision - specifically the language surrounding "anticipates that ongoing increases in the target range will be appropriate" (some had seen this being altered to specify a more "expedient" or "front-loaded" pace).
- Focus turns to the upcoming press conference, with Powell due to begin in around 20 minutes.
- A few minutes out from the rate decision itself, price action partially reverses, with equities now broadly unchanged from pre-decision levels.