Central bankers generally fall into two camps; doves and hawks, while I would add the flock down the years has been graced by some owls. This week has already shown the ascendancy of the doves via Mario Draghi, and on Wednesday the Federal Open Market Committee and its squadron leader, Jay Powell, affirmed that easier monetary policy beckons.

Market expectations for Wednesday were for no interest rate cut until July, lower inflation forecasts by the FOMC and a dovish tone from Powell during his press conference.
On that score the FOMC and Powell largely delivered.

The bottom line from Wednesday's meeting

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