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Daily digest market movers: DXY holds the line after UoM data, markets adjust to Fed’s decision

Wulan Viana
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  • On Wednesday, FOMC dot plot update shows median expectancy of only one rate cut for 2024.
  • Markets were previously anticipating between one or two rate cuts in 2024, but this altered after the Fed announced its decision.
  • University of Michigan Consumer Confidence Index for the US has fallen from 69.1 in May to 65.6 in early June, which is below the market's expectation of 72. This decline also reflected in the Current Conditions Index, falling from 69.6 to 62.5.
  • Consumer expectation index also fell slightly from 68.8 to 67.6. The five-year inflation outlook rose from 3% to 3.1%.



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