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USD/JPY quickly plunged to 151.00 after the Federal Reserve kept its main reference interest rate at 5.5%, as expected. Risk-on investors are ignoring higher-than-expected growth and interest rate forecasts from the Federal Open Market Committee. The Federal Reserve predicts that U.S. gross domestic product (GDP) growth in 2024 will be slightly higher than expected, and interest rates at the end of the year may also be higher than previously expected.
Despite the rise in the dot plot, the Fed is still expected to cut interest rates three times by 2024, by about 75 basis points, and the market still hopes that the Fed will start cutting interest rates near the middle of the year. Federal Reserve Chairman Powell delivers a speech.
