Morgan Stanley anticipates a series of 25bp cuts from the Federal Reserve through mid-2025 and recommends maintaining short positions on USD/JPY, targeting a move towards 138.Key Points:FOMC Rate Decision:The FOMC cut the federal funds rate by 50bp to 4.875%, reflecting ongoing progress on inflation and concerns regarding the labor market.Economic Projections Up The Summary of Economic Projections (SEP) now indicates four cuts this year, a significant shift from the previously expected one, aligning with softer inflation and labor market data.Fed's Commitment:The initial larger cut signals the Fed's dedication to staying ahead of inflationary pressures. Chair Powell emphasized that futur
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