The U.S. dollar on Wednesday fell to a 14-month low and ended down 0.12% after the FOMC cut the federal funds rate by 50 basis points and projected another 50 basis point cut by the end of the year. The dollar was also pressured after the Fed cut its 2024 U.S. GDP growth forecast and lowered its 2024 core PCE price forecast, factors considered dovish for Fed policy. The dollar recovered from its lows after Fed Chair Powell stated that the Fed would not rush to ease monetary policy.

Fed Chair Powell noted, "We made a good, strong start" by cutting rates by 50 basis points today, and the Fed is "squarely focused" on its dual mandate of inflation and employment. He added that the Fed is not in a hurry to ease policy and "we will move as fast or as slow" as policymakers deem appropriate based on the data.

The December Silver Futures slightly decreased. The settlement price on September 18 was $30.687 per troy ounce, down 0.94% from the previous session. 

The October Platinum Futures slightly decreased. The settlement price on September 18 was $974.8 per troy ounce, down 0.81% from the previous session.

The October Copper Futures inched up. The settlement price on September 18 was $4.248 per pound, up 0.54% from the previous session. 

Source: Compiled