US Fed keeps interest rates unchanged, to be 'patient' on future hikes

On the balance sheet, Jerome Powell said the normalisation process will be completed "sooner and with a larger balance sheet" than previous estimates

The Federal Reserve signalled it’s done raising interest rates for at least a while and will be flexible in reducing its bond holdings, a sweeping pivot from its bias toward tighter monetary policy just last month.

US stocks rallied, Treasury yields fell and the dollar sank as investors digested the new message from the central bank, which marked a broader shift toward sustaining the expansion -- rather than preventing any overheating -- and follows months of criticism from President Donald Trump for raising rates too much.

The Federal Open Market Committee “will be patient as it determines what future adjustments to the