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The Federal Reserve was expected to leave the interest rate unchanged and markets were looking for hints about the next moves. The Fed’s two mandates have been going in different directions. While employment remains high, inflation has been falling. The most recent Core PCE read, for March, came out at 1.6% YoY, below expectations.  

The US Dollar has been on the back foot also due to the latest economic indicator that was released. The ISM Manufacturing PMI came out at 52.8 points, significantly below projections for the largest sector in the US.  

More:  Federal Reserve Preview: Squaring the inflation circle