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US Fed has hiked rates by 25 bpbs to 5.5% as expected. The central bank said that the economy is expanding at a moderate pace. Jobs gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated. The US dollar index showed a minor sell-off as the statement doesn't sound hawkish or dovish.
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in Sep increased to 81% from 78.7% a day ago.
Gold- It showed a minor pullback from a low $$1965 after a 25 bpbs rate hike. (Mixed for precious metal). Any break above $1975 confirms a bullish trend.
S&P500- Neutral. no proper trend is seen after Fed monetary policy.
DXY- Mixed.
