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On message Fed supports recovery trade Posted 4 hours agoSharePrint Fed holds the course Investors moved back into the global recovery trade overnight as the Federal Reserve stayed “on message” and was suitably dovish at its latest FOMC meeting. While the Fed was suitably dovish, there were a few subtle changes to the language of the FOMC statement and in Chairman Powell’s post-meeting remarks. Notably, the language of the FOMC wound back its risk assessment from the pandemic and acknowledged a strengthening of the labour market.   The effect was most noticeable in currency markets as the US dollar fell across the board. US bonds firmed only slightly in the middle of the curve, and equities continued to some short-term “buy the rumour, sell the fact” price action. The euro, sterling and risk-sensitive Commonwealth all resumed their advances after spending two days in a pre-meeting holding pattern.

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