Out of patience

The U.S. Federal Reserve held its rate and scrapped its “patient” approach in a prelude to a possible cut. Asian equitiy futures may rise after U.S. stocks rallied for a third day. And an Australian hedge fund bags a 74% gain on millennials and iron. Here are some of the things people in markets are talking about today.

U.S. Fed chief Jerome Powell is ready to lower rates, just not quite yet. The FOMC shrugged off President Trump’s demand for an immediate cut by leaving its benchmark unchanged while indicating a readiness to ease for the first time in more than a decade. Officials cited economic “uncertainties,” dropped their “patient” mantra and forecast a larger miss of their 2% inflation target this year. Powell said he intends to serve his full four-year term, despite Trump’s repeated criticism that he’s not doing enough to boost the economy.