- As expected, the FOMC dropped the word "patient" from its policy statement, but cut its forecasts for GDP growth, inflation, and pace of rate hikes. The "dots" show a median projection for the Fed Funds rate of 0.625% at year-end, down from 1.125% estimated three months ago.
- Gold (GLD +2.1%) is ahead by $15 per ounce to $1.163, alongside sharp drops in the dollar and Treasury yields.
- ETFs: GLD, IAU, SGOL, UGL, DGP, GLL, UGLD, DZZ, GLDI, OUNZ, DGL, DGZ, DGLD, AGOL, TBAR, UBG, BAR, GYEN, GEUR, BARS
- Previously: Dollar off sharply as Fed slows rate hike estimates (March 18)
- Previously: Stocks stage big turnaround, yields dive following dovish Fed news (March 18)
- Previously: FOMC drops "patient," but sends dovish signal (March 18)