The Federal Reserve ditched guidance to investors that suggested further gradual rises in interest rates lie ahead, vowing to be “patient” in determining future changes given muted inflation and slowing global growth.
In a dovish statement following its latest meeting, the Fed reassured investors it was ready to adjust its policy of winding down its crisis-era stimulus programme if the economy deteriorates. It said it wanted to stick with a large balance sheet as it maintains its current framework for setting interest rates.
US stocks and Treasury bonds rallied on the statement, with the yield on the rate-sensitive two-year bond falling sharply.
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