John Velis, FX and global macro strategist for the Americas at BNY Mellon, joins Mark Sobel, OMFIF US chair, to discuss the outcome of the latest Federal Open Market Committee meeting and the outlook for the Federal Reserve’s monetary policy and foreign exchange markets in 2024. They discuss the FOMC statement and press conference, the inflation and labour market outlook, when the Fed Funds rate will be cut and how many reductions are in store. They also explore what that means for market yields and expectations for quantitative tightening.