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As expected, the FOMC left interest rates unchanged. Chairman Powell mentioned that the inflation report published yesterday morning (0.0% MoM) was “welcomed”, but that it was not enough to raise the level of comfort to lower rates, as inflation is still too far apart from the 2% target. The bottom line is the FOMC members now see 1 rate cut for 2024, and perhaps 4 more cuts for 2025, although Powell reiterated they don’t put much emphasis on forecasts. That leaves us not far from where we were before the meeting: stock indices betting on AI to save the world, while the bond market had 2 heart attacks in one day: the 10 year Treasury rose 27 bps in Yield on the inflation report in the morning, only to give them back after Powell press conference.

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