The Fed held as expected, but the FOMC’s dot plot showed two fewer rate cuts in 2024 than the last dot plot. Market interest rates rose, the US$ strengthened and the yen fell through 148 again.

In our bonus deep-dive interview, ANZ’s Head of Food, Beverage and Agri Insights Michael Whitehead talks about how farmers have prepared for the El Nino declared this week, and what it means for beef and grain prices.

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