Dot plot narrowly shows no more need to cut
The FOMC statement was virtually unchanged aside from lower rates but the dot plot shows a reluctance to cut rates further this year.
The dot plot shows 10 members forecasting flat or higher rates this year while seven expect a single further cut. Next year the dots show 8 seeing a single cut while 9 see no change or higher rates.
The signal is undoubtedly hawkish and the US dollar has responded with gains as cross the board. USD/JPY is up to 108.33 from 108.10.
The euro has fallen to 1.3030 from 1.3065 prior.
Stock markets don't like it with the S&P 500 down 21 points to 2984.
