The US Federal Reserve (The FED) has confirmed it will keep interest rates on hold at historic lows, through into 2023, whilst stopping short of offering fresh stimulus to the US economy. This decision by 13 of 17 members was on the basis that rates could be taken higher longer term when the US labour market returns to a position of strength, near full employment, and if the illusive 2% inflation target is reached. Following the decision, global equities receded from recent highs, while the US dollar saw a renewed bout of strength against a broad range of currencies as safety was sought in the world reserve currency. Other safe havens were mixed, with sovereign bonds experiencing muted volatility, whilst gold suffered from the strength of the US dollar in which it is priced.