For the first time since 2008, the Federal Reserve has reduced benchmark lending rates in the world’s largest economy. Yet the US Dollar and government bond yields rallied, picking up pace as Chair Jerome Powell held his press conference after the 25 basis point rate cut. Based on his commentary and voting by policy setters, it was clear that the markets were left wanting more on a less-dovish central bank. The most notable point that Mr Powell arguably made was that Wednesday’s action was not the beginning of a lengthy cutting cycle. This is even as the central bank pauses the unwinding of its balance sheet two ... (full story)