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Fed continues to project two 25bp rate cuts this year

Although the FOMC stuck to its projection for two rate cuts this year, a growing number of officials share our view that further loosening is unlikely amid the increased upside risks to inflation. Otherwise, the Fed confirmed that it will slow the pace of quantitative tightening (QT) from April, although it looks set to continuing reducing its balance sheet for some time as it still views the level of reserves as “abundant”.

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