Key Takeaways from the December FOMC Meeting 

Federal funds rate: Target range lowered from 3.75%–4.00% to 3.50%–3.75%, marking the third consecutive 25bp rate cut this year and a total reduction of 75bp in 2025. 

Dot plot: Still signals only one rate cut in 2026, reinforcing a message of hawkish easing, with a significantly slower policy pace expected next year. 

Intensifying Internal Disagreements 

The vote saw three dissents — the most since 2019. 

Governor Milan voted for a 50bp cut, 

while Goolsbee and Schmid preferred no change. 

This highlights widening divisions within the FOMC over inflation persistence and labor-market risks. 

Balance Sheet Operations 

Starting December 12, the Fed will purchase $40 billion in short-term Treasuries to maintain ample reserves and ease money-market liquidity pressures. 

Global Markets Review – December 10 

Precious Metals: Silver Leads as It Breaks to All-Time High; Gold–Silver Ratio Falls Below 70 

Spot silver rose 0.68% to $61.05/oz, up nearly 110% year-to-date. 

Gold slipped 0.27% to $4,196/oz. 

محرک‌های کلیدی: 

Supply shortage: Global inventories at the lowest in a decade; solar and AI hardware demand continues to surge. 

Speculative flows: Retail and leveraged accounts aggressively positioning for a breakout. 

FX & Bonds: Dollar Steady, U.S. Yields Hold Near 3-Month High 

DXY flat near 99.0, as markets had priced in the rate cut well in advance. 

U.S. 10-yr yield steady at 4.20%, reflecting concerns over sticky inflation. 

USD/JPY up slightly to 156.70, with expectations of a BOJ December rate hike offsetting some Fed easing pressure. 

Oil & Crypto: Geopolitics and Policy Uncertainty Intertwine 

Oil: Brent crude up 0.18% to $62.05/bbl. Progress in Russia–Ukraine peace talks (Zelensky proposing a phased peace framework) has capped geopolitical premiums. 

Crypto: Bitcoin flat at $92,623; Ethereum up 0.6% as markets await clearer guidance on the Fed’s policy trajectory 

Equities: Caution Prevails Ahead of the FOMC Decision 

U.S. equity futures: S&P 500 and Nasdaq 100 down 0.1%–0.2%, with tech investors awaiting Oracle’s earnings for AI-related demand clues. 

Europe & Asia: 

Nikkei 225 down 0.1% 

Euro Stoxx 50 down 0.06%, pressured by banks and energy names. 

Key Events to Watch Today 

Fed speakers: Chicago Fed President Goolsbee and Cleveland Fed President Mester (Harmack?) to comment on the economic outlook — markets will closely monitor their interpretations of the internal split. 

BOJ Governor Ueda: Expected to firm up expectations for a December rate hike, which may trigger yen carry-trade unwinds. 

Data releases: 

Australia November unemployment rate (seasonally adjusted) 

Switzerland SNB policy rate (as of Dec 11) 

U.S. initial jobless claims (week ending Dec 6) 

U.S. September trade balance 

U.S. September wholesale sales MoM 

U.S. EIA natural gas storage (week ending Dec 5)