The latest batch of quarterly forecasts from the Federal Reserve showed policy makers have had a change of heart since June about the pace of interest rate cuts in 2024. The latest iteration of the Fed's "dot plot" penciled in two more quarter-point cuts before the end of the year,

In commodities, precious and base metals such as copper should benefit from Fed rate cuts, and for the latter the demand outlook and a soft landing are key. Lower rates and a weaker dollar, reducing not just the opportunity cost of holding metals but also of buying them for those using other currencies, could fuel momentum.

The US stock market’s reaction to the Federal Reserve’s half-point interest rate cut suggests that all-time high fatigue is still in play.