Federal Reserve Chairman Jerome Powell explains the decision to cut the policy rate, federal funds rate, by 50 basis points to the range of 4.75%-5% after the September meeting and responds to questions in the post-meeting press conference.
Today’s Fed rate decision (1900 BST) is approaching. Markets have recently leaned narrowly in favour of a 50bp cut rather than 25bp, and ING’s FX analyst Francesco Pesole thinks that the September FOMC will deliver a 25bp cut, and this may be an exceptionally close call, he notes.
The EUR/JPY cross weakens near 157.20, snapping to a two-day winning streak during the early European session on Wednesday.