Fed delivers a 25 bps rate hike but also commits to additional rate increases as the data has evolved firmer than expected. Powell signals that more interest-rate increases are likely needed. USD/JPY +0.50%, EUR/USD -0.20%.Fed delivers a 25 bps rate hike, without fully closing the door to additional rate increases. We expect Chair Powell to reiterate that the Fed remains data-dependent and that economic data since the May FOMC meeting has not shown convincing signs of slowing. USD/JPY +0.
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