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At Aquinore. UK. Good morning from the Financial Times. Today is Thursday, June 13th, and this is your

FTE's briefing. The Federal Reserve is only expecting to cut interest rates once this year,

and another crypto company bites the dust.

Plus, Silicon Valley is saying, no thank you, to California's new AI bill. Plus Silicon The interest rates in the US have been at a 23 year high for a while now and the

Fed left them unchanged yesterday. No surprises there. But the

interesting thing that came out of yesterday's meeting is how the US Central

Bank is thinking about interest rates moving forward.

Here to explain as the F.T. is Claire Jones who covers the Fed.

Hi Claire.

Hi, Mark.

All right, so Claire, the Fed came out yesterday with its so-called dot plot, basically every few months Fed participants

chart out what interest rates will look like over the next few months and years, actually.

What did the dot plot tell us?

So yesterday's dot plots told us that

majority of the FOMC

now think what will either get is one rate cut this year or no rate cuts.

That's down from an estimate of three rate cuts that the committee kept to in both

March and December of last year.

We also got a sense of what rate setters in the US think are going to happen to borrowing costs

in 2025 and 2026 as well. However, there's very little certainty about exactly what will

...