The bullish sentiment that flowed through trading floors after the Fed's dot plot was released has petered out following strong economic data. Photo: Daniel ROLAND / AFP/Fileraised fresh concerns about inflation and dampened optimism that the Federal Reserve will slash interest rates as much as it expected this year.
Sales of existing homes in the United States climbed the most in a year last month, industry figures showed, as buyers got used to elevated borrowing costs, while initial applications for jobless benefits were stuck near historic lows, reinforcing the view that the labour market was still tight."This could potentially lead the Fed to implement interest rate cuts slower than the market anticipates," warned SPI Asset Management's Stephen Innes.
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