We thought that the Federal Reserve (Fed) decision would be the highlight of yesterday but news from Russia came to eclipse the FOMC.

Vladimir Putin declared partial mobilization yesterday morning. Putin’s announcement, which fell like a bomb on investors who were already stressed out due to the Fed decision, sent capital to safe haven assets yesterday, but gains elsewhere than the US dollar remained short-lived.

On the FOMC front, the Fed delivered the third 75bp hike yesterday, as expected, but the dot plot revealed that the officials’ rate projections went well above the market expectations.

The Bank of Japan (BoJ) maintained its policy unchanged.

The Swiss National Bank hiked by 75bp hike*.

The Bank of England (BoE) could opt for 50bp hike, instead of 75bp, as Liz Truss’s energy package could help taming inflation.

While the Central Bank of Turkey (CBT) should keep its rate at 13%. BUT WHO KNOWS!

 

This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.

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