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FED HOLDS RATES STEADY, INDICATES THREE CUTS COMING IN 2024 The Federal Reserve on Wednesday held its key interest rate steady for the third straight time and set the table for multiple cuts to come in 2024 and beyond. With the inflation rate easing and the economy holding in, policymakers on the Federal Open Market Committee voted unanimously to keep the benchmark overnight borrowing rate in a targeted range between %-5.5%. Along with the decision to stay on hold, committee members penciled in at least three rate cuts in 2024, assuming quarter percentage point increments. That’s less than market pricing of four, but more aggressive than what officials had previously indicated. Source: CNBC “INFLATION IS 'PERMANENT'“ - WALL STREET GURU Wall Street guru Jim Grant told Fox Business Network inflation is “permanent.“ Grant said the Fed is likely to cut rates later rather than sooner. Grant has been the editor of “Grant's Interest Rate Observer“ for the past four decades. “Inflation is not transitory,“ Grant said. “It is permanent in that you never regain the purchasing power you have lost to inflation.“ Source: CNBC GOLD RISES AS FED RATE-CUT PROSPECTS DENT DOLLAR, YIELDS Gold prices extended their climb to a one-week high on Thursday after the U.S. Federal Reserve flagged an end to its tightening cycle and signaled lower borrowing costs in 2024, sending the dollar and Treasury yields tumbling. Spot gold was up 0.4% at $2, per ounce, as of 0634 GMT, after rising 2.4% on Wednesday. U.S. gold futures jumped 2.6% to $2,. “The Fed's dovish pivot stuck a rocket under gold prices, which used $1,980 support as a springboard to break its $2,000 per ounce glass ceiling,“ said Matt Simpson, a senior analyst at City Index. Source: Reuters 🌐 FXOpen official website: Join us on our social networks: ✅ ✅ ✅ ✅ CFDs are complex instruments and come with a high risk of losing your money. #inflation #fomc #goldfutures #spotgold
