Fed Holds Rates Steady, Notes Strongly Rising Business Investment

The greenback is approaching the 110 yen level not seen since FebruaryMore

Markit themselves called the activity growth "subdued", admitting it was unlikely to persuade investors that the Bank of England (BoE) will move to raise interest rates at next week's Monetary Policy Committee meeting. Wednesday's announcement was not accompanied by a press conference with Fed chair Jay Powell nor were updated economic forecasts from the Fed released.

It also followed news that the US Federal Open Market Committee (FOMC) voted to leave interest rates unchanged.

"The Fed sees little reason to be concerned with inflation marginally above its 2.0% target, particularly after such a long period of underperformance", Clarke said. The Fed said inflation had "moved close" to its target, and the "price stability" part of its dual mandate from Congress had nearly reached its two-percent target.

Inflation goal The Fed is clear that it's nearing its inflation target of 2 per cent over the medium term. Investors have placed 40% odds of a rate hike in December, but 41.9% expect the Fed to stay the course and enter 2019 with a target range of 2% to 2.25%, according to the CME FedWatch Tool. Any undershooting of the 1.2% core inflation estimate could extend losses for the single currency today. More importantly core inflation fell back to just 0.7% year over year from 1.0% year over year. "People looked at the statement, read it, Treasurys reacted for a few minutes, and not much has happened", he said. Last week, the 10-year moved above 3% for the first time in four years. The Fed's comments on the US labor market were also of interest.

Arsenal boss Arsene Wenger REJECTS PSG offer and wants France job
Leroy Sane, Gabriel Jesus and Fernandinho scored for City, with former City player Pablo Zabaleta deflecting in an own-goal. The win secured a top-four finish and Champions League football next season for the Red Devils.

Westpac, like the market, expects two more hikes this year.

The pace of the dollar's rise versus the yen has slowed somewhat, in the wake of the hefty gains seen since April, said Tareck Horchani, head of sales trading in Asia-Pacific for Saxo Markets in Singapore.

The central bank on Wednesday said it still expected growth to continue at a moderate pace and labour market conditions to remain "strong". To convey the same message and possibly, to be sure about it (especially in an environment when inflation is running close to the 2% target), the Fed in fact used this word twice in yesterday's policy statement.

Eurozone inflation for April printed below market expectations, while in the United Kingdom, a purchasing managers index for services also came in under the consensus forecasts.

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This was reported by the British newspaper Daily Express , writes the Chronicle.info with reference for Today. Some bystanders were reportedly treated for facial burns but police say no-one was seriously injured .

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability.

"The stance of monetary policy remains accommodative, thereby supporting strong labour market conditions and a sustained return to two per cent inflation", the FOMC said.

"Committee chose to maintain the target range for the federal funds rate at 1.5 to 1.75 percent", said the Fed in a statement after concluding a two-day policy meeting. National data already indicated that expectations for a steady headline rate in April would turn out to be too optimistic.

The Fed removed the phrase that it is "monitoring inflation developments closely".

Severe Weather Potential Increasing
All is quiet right now, but strong to severe storms are still expected to begin flaring up late in the afternoon into the evening. This has the potential to be the warmest air mass this region has seen since September of a year ago .

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