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Good morning. Fed decision day, signs of stabilization in China, key U.S. ruling on Covid shots. Here’s what’s moving markets.
The Federal Reserve is expected to signal scaling back asset purchases later this year, with scrutiny also on forecasts that could reveal growing internal pressure to raise interest rates in 2022. It’s all but certain to hold rates near zero after a two-day policy meeting and keep buying bonds at the current $120 billion monthly pace. The panel will release a statement at 7 p.m. London time plus updated quarterly estimates, including its dot plot of rate projections. Chair Jerome Powell will brief reporters 30 minutes later. Earlier this morning, the Bank of Japan held its key stimulus tools and negative interest rate in place. The next biggie is the Bank of England, due mid-day tomorrow.