The US Dollar has gained momentum following today’s FOMC statement and follow up meeting with chair Jerome Powell.

Market Movers:
– Gold drops hard on hawkish tone, down1.2%
– GBPUSD trades at 2-month lows, touching 1.40
– EURUSD tumbles towards 1.20

Key take-homes from the meeting:
– Will be appropriate to consider a plan for taper at coming meetings
– Fed forecasts for inflation in 2023 are consistent with our goals
– Would expect strong job creation in summer, going into fall
– We are on the path to a very strong labor market
– Conditions for liftoff forecast to be met sooner than previously thought