The U.S. Federal Reserve’s sharp U-turn last week has been welcomed by equity markets. The adjustment to guidance between December and January was enormous. After raising interest rates in December and hinting towards further gradual increases in interest rates while reducing the balance sheet on autopilot mode, the doves seem to have taken control. The two rate hikes for 2019 are no longer on the table, and the balance sheet may be adjusted at any time.
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