Tonight sees the results of the March FOMC meeting, where we will see a new statement, a new Summary of Economic Projections (SEP) and Fed Chair Jay Powell hold a press conference. Perhaps of most interest to the market is the SEP release and, in particular, the median Dot Plot - or the median forecast of Fed members - for rate cuts this year. The last SEP release in December showed the Fed expecting to cut rates three times this year or by 75bp. ING's US economist, James Knightley, writes that on balance the median Fed forecast for 2024 rate cuts probably stays at 75bp. But he notes that it would only take two Fed ... (full story)