THE US central bank handed out large Christmas gifts on Wednesday, December 13. The result of the monetary policy meeting was to keep rates at a long-term high, but the comments from the Federal Reserve Bank were reason for cheer in financial markets.
Maybe the cheers are so loud because it was, after all, a surprise that the Fed has already turned around and is outright pointing at rate cuts next year. Based on the communication, it seems that the central bank's own expectation is three rate cuts of 25 basis points each.
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