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Therefore, a wait and watch view may be taken and the USA growth trajectory and inflation have to be monitored.

Finally, the chart for gold shows that it has been making steady progress against the U.S. dollar despite today's setback of around $12.00/Oz.

The Fed's move came despite President Donald Trump's attacks in recent weeks on its rate hikes and on Powell personally.

"I believe that there will be a price to pay for the monetary policies that the Fed has adopted over the last 10 years, and at some point there will have to be reconciliation".

But the spillover from the rate hike continued to rattle investors in Asia Thursday, deepening concern over global growth prospects which are already facing headwinds from President Trump's trade war with Beijing, a slowing Chinese economy, and potential turmoil from Britain quitting the European Union.

"The Fed still sees a solid underpinning for the economy based on the numbers and still sees the viability of two rate hikes next year", said Quincy Krosby, chief market strategist at Prudential Financial, in this CNBC report.

On the issue of whether the current trade negotiations between the US and China will be able to reach a deal to avoid more penalty tariffs, Mnuchin expressed cautious optimism.

US stocks had been up sharply before the Fed's announcement, but the Dow Jones Industrial Average closed down about 352 points.

Fed officials are grappling with conflicting forces. "Job gains have been strong, on average, in recent months, and the unemployment rate has remained low". Silver rose 0.3 percent to $14.87 an ounce and copper, which is considered an indicator of economic growth, fell 0.7 percent to $2.70 a pound. Traders are fleeing to safety, according to reports, but with the looming crisis in Britain, the trade war between the U.S. and China and other problems in the Eurozone, there might not be anywhere to hide.

The quarter-point increase will mean higher borrowing costs for many consumers and businesses.

But it was still a greater number of hikes than investors were hoping for given the parlous state of financial markets and a cocktail of anxieties including the US-China trade spat.

Despite the Fed's forecast for slower growth, Mnuchin said the administration still thinks it can achieve 3 percent annual growth next year as well.

In local finance news on Thursday, Dulux Group and Incitec Pivot are scheduled to hold their annual general meetings, while November's labour force figures are due from the Australian Bureau of Statistics at 8.30am. Four of those increases have been under Powell.

"We will continue to monitor global economic and financial developments and assess their implications for the economic outlook", Powell said at a post-meeting news conference.

Over the next year, if events play out broadly as expected, the federal funds rate will be in a range in which judgments of people both inside and outside the Fed will sometimes differ regarding whether the stance of policy is mild-modestly accommodative, neutral or modestly restrictive, Powell said.

Wednesday's move bumps the benchmark federal funds rate to a range of 2.25 percent to 2.50 percent.

- Given FOMC staying a bit more hawkish than market pricing, the US Dollar has been able to recover some ground versus the other majors; however, is only back to breakeven on the day.

Gold prices steadied on Thursday, after shedding half a percent in the previous session as the US Federal Reserve delivered a less-dovish outlook on monetary tightening than many had expected.