Although the Fed’s decision to stand on the sideline in May had been widely anticipated, its downplaying of the soft macroeconomic data in the first quarter reinforced the gradual rate hike approach. The market turned modestly more upbeat following the announcement. US Treasury fell, sending yields higher, as the chance of a June rate hike remained high. Wall Street was mixed with DJIA gaining +0.04% while S&P 500 losing -0.13%. Major currencies were generally weaker against the US dollar, sending the DXY index to a 2-week high of 99.39 before settling at 99.21 , up +0.23% on Wednesday.
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Sentiment Lifted as June Rate Hike Remains on the Card
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