The US Federal Reserve has kept interest rates steady at 4.25%-4.5%, while downgrading the growth forecast to 1.7% and increasing inflation expectations to 2.8%. Chairman Powell's comments sparked a positive market reaction, with the Treasury curve steepening and equities rising on hopes of future rate cuts. Meanwhile, Turkey's lira plummeted over 10% after the detention of Istanbul's mayor. The EU may exclude the US, the UK, and Turkey from its EUR 150bn defence spending fund if they do not sign security agreements. Today, the Swiss National Bank and Bank of England will announce their interest rate decisions. Carsten Menke, Head of Next Generation Research, notes that growth concerns are luring safe-haven seekers back into gold. Nicolas Jordan, CIO Office, says that US equities are no longer the only game in town after two years of unmatched outperformance.

00:00 Introduction by Helen Freer (Investment Writing)

00:34 Markets wrap-up by Mike Rauber (Investment Writing)

06:51 Gold: Carsten Menke (Head of Next Generation Research)

10:49 Update from the CIO Office: Nicolas Jordan (CIO Strategy & Investment Analysis)

15:04 Closing remarks by Helen Freer (Investment Writing)

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