The perception that the US central bank is more willing and able to raise borrowing costs has only sharpened following Wednesday’s session.

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Gold is within touching distance of making a fresh two-and-a-half-year low after US Treasury yields jumped following the latest FOMC meeting.

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The US dollar is trading higher this morning as markets digest the FOMC statement in a hawkish light ahead of tomorrow’s NFP.

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The Federal Reserve rate decision proved the volatility-inducing event that macro observers have come to expect. The S&P 500 suffered its biggest single-day loss on a Fed day of 2023 after a dramatic intraday reversal. What will the hawkish outlook from the US bank mean for risk assets like the S&P 500, the BOE today and NFPs impact Friday?

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Gold prices are moderating in Asia-Pacific hours as markets weigh the FOMC decision. The US jobs report on Friday may offer gold its next directional cue.

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