The Federal Reserve announced a 0.25% cut in interest rates, bringing the total cuts since September to 1%. The Fed's economic projections indicate a slower pace of cuts next year, citing a solid labour market and a stalled decline in inflation. Equity markets reacted negatively, with US equities falling sharply. Other asset classes also reacted, with US Treasury yields rising, the USD strengthening, and gold and Bitcoinfalling, although Bitcoin did hold above the USD 100,000 level. Meanwhile, the Bank of Japan kept interest rates unchanged, weighing on the JPY. In what has become an annual tradition, Tim Gagie, Head of FX&PM Solutions Geneva, reviews the year in the world of currencies and gold, not in prose but in rhyme.

00:00 Introduction by Helen Freer (Investment Writing)

00:31 Markets wrap-up by Mike Rauber (Investment Writing)

06:39 FX Christmas poem by Tim Gagie (Head of FX & PM Solutions Geneva)

09:32 Closing remarks by Helen Freer (Investment Writing)

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