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The Fed kept its policy rate at 5.00%-5.25% at its June meeting. Its dot plot revised the 2023 peak rate to 5.6%, implying another 50 basis points of tightening, and raised forecasts for 2024 and 2025.
Powell said rate cuts were a couple of years away.
A high-for-longer rate outlook supports the dollar and raises financing costs for holding commodity inventories, which tends to weigh on commodity prices.
ig.comYeap Jun RongJun 15, 2023After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
