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Investor’s long-awaited update regarding the Federal Reserve’s plan to cut its benchmark interest rate is finally over, and financial markets overwhelmingly welcomed what the Fed revealed today.
Overwhelmingly, market participants breathed a sigh of relief when the SEP revealed that the Fed had not changed its outlook. The Fed’s rate cut projections still anticipate taking the benchmark rate to 4.6% by the end of 2024. Gold investors and traders immediately bid the precious yellow metal higher, taking gold futures within striking distance of its new record high of $2203 per ounce.
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