U.S. Treasury yields climbed on Thursday, with the 10-year and 2-year yields reaching levels last seen over a decade ago.
However, policymakers also suggested that they are expectingto come this year and rates to stay higher for longer, with just two rate cuts forecast for 2024. In June, the Fed said it was anticipating four rate cuts next year.
In a press conference after the announcement, Fed Chair Jerome Powell said the central bank was in a position where it could "proceed carefully" with its monetary policy. Policymakers would, however, like to see more progress in the fight against inflation, even though pressures have somewhat eased, Powell indicated.
The Fed also released its projections for several key economic indicators on Wednesday, saying it expects the gross domestic product to increase by 2.1% this year, which is far higher than previous forecast. Meanwhile, the core personal consumption expenditures price index, which is used to track the inflation rate, is now expected to come in at 3.7%, lower than predicted in June.
On Thursday, existing home sales data for August and weekly initial jobless claims are expected. Elsewhere, the Bank of England is due to announce its latest interest rate decision after
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