Fed holds rates, metals markets largely hold steady

The Federal Reserve is in no rush to cut interest rates, indicating that they expect just one cut in 2024, rather than the three they proposed in March. The reaction from metals markets Thursday has largely maintained the status quo.

At a press conference Wednesday, Chairman Jerome Powell noted that the CPI data “was certainly a better inflation report than almost anybody expected.” However, he also noted that more than one month of data would be needed to make a comprehensive assessment.