USDThe Fed left interest rates unchanged as expected while dropping the tightening bias in the statement but adding a slight pushback against a March rate cut.Fed Chair Powell stressed that they want to see more evidence of inflation falling back to target and that a rate cut in March is not their base case. The US CPI beat expectations for the second consecutive month with the disinflationary trend reversing. The US PPI beat expectations across the board by a big margin.The US Initial Claims beat expectations while Continuing Claims missed. Overall, the data remains steady. The ISM Manufacturing PMI surprised to the upside with the new orders index, which is considered a leading indicator,
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