What to Expect from the Fed Today?

The Federal Reserve will on Wednesday release a new set of economic projections. 

Policymakers will also update their views on when the Fed should raise its benchmark short-term interest rate from the current near-zero level, with markets focused on whether the core group of central bank officials shift a first expected rate increase into 2023 from 2024, where it stood as of the last round of projections in March. 

This week’s two-day meeting is likely to mark the start of what the Fed hopes will be a smooth and gradual exit from the policies put in place to fight the pandemic, with its $120 billion in monthly asset purchases eventually reduced and then eliminated over time, followed later by a slow climb in interest rates. 

The interest rate projection is the most sensitive forecast of the meeting and is likely to affect USD currency pairs and metals.   

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