WHEN the US Federal Open Market Committee (FOMC) met in December, the guidance given to the market was that the US Federal Reserve (Fed) had revised its guidance with a 75-basis-point (bps) cut in the Fed Fund Rate (FFR) this year from the current rate of 5.25%-5.50% range, based on its latest dot plot.
The minutes of the meeting released this week also showed that the Fed was rather concerned of a move to cut rates too soon for fear that the expected lower inflation rate is sustainable.
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