And if the Fed keeps cutting rates while other central banks don’t? Rogoff said investment will flow to the highest bidder. “Capital markets are global. So, the money’s going to move to where the rate of return looks good,” he said. The European Central Bank is likely to hold rates steady going forward.

Gold held steady on Thursday, after the U.S. Federal Reserve voted to lower borrowing costs by a quarter-percentage point but signaled a pause in further interest rate cuts, while silver surged to another record high.

The Federal Reserve made no changes to its median interest-rate projections, with a quarter-point reduction still penciled in for next year, according to the Summary of Economic Projections published on Wednesday.

U.S. stocks are holding relatively steady as Wall Street waits to hear what the Federal Reserve will say on Wednesday about where interest rates are heading. The S&P 500 was

Fed Chair Jerome Powell, speaking at a press conference after the December FOMC meeting, said the central bank is holding interest rates steady until it gets more clarity on the economy.

Federal Reserve Bank of Chicago President Austan Goolsbee said on Friday that he decided to vote against the December rate cut because he thought it would be better to wait for more economic data before taking a call.