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Shifting the emphasis from inflation to the jobs market, Powell and colleagues - via his press conference and the Fed's updated economic and rate projections - signalled another 50 basis points of easing by yearend and a further 100bps in 2025.

Wall Street's main stock indexes were broadly flat in early trade on Wednesday and the dollar weakened as traders weighed up the odds that the Federal Reserve's expected decision to cut interest rates for the first time in more than four years later in the day delivers a supersized move.