The recent change in market sentiment is partly related to the fight against inflation. Last week, the Federal Reserve decided to keep interest rates at a 23-year high of 5.25% to 5.5%. This decision reflects the Fed's cautious attitude towards easing monetary policy before inflation has clearly declined.
Although observing that initial results have been achieved in reducing inflation, Fed Chairman Jerome Powell stressed that further evidence is still needed before considering a rate cut.
Currently, the Fed expects only one rate cut in 2024, a reduction from the previous expectation of three rate cuts.
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