Fed stays on hold, sends rates warning; ASX set to rise

  • 📰 smh
  • ⏱ Reading Time:
  • 56 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 26%
  • Publisher: 80%

Loans Loans Headlines News

Loans Loans Latest News,Loans Loans Headlines

US stocks are mixed after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought, regardless of how much Wall Street wants it.

Fed chairman Jerome Powell said the central bank is “prepared to raise rates further if appropriate.”The Fed held its main interest rate steady, as was widely expected. Officials also indicated they may raise the federal funds rate one more time this year, as the Fed tries to get inflation back down to its target of 2 per cent.

“We are committed to achieving and sustaining a stance of monetary policy that is sufficiently restrictive to bring inflation down to our 2 per cent goal over time.”Treasury yields in the bond market immediately turned higher after the Fed released its projections. They had already been climbing for months after strong reports on the US economy suggested the Fed may need to keep interest rates higher for longer in order to fully drive down pressures on inflation.

Rising expectations for higher-for-longer rates caused Big Tech stocks to be among the S&P 500’s weights Wednesday. Apple, Microsoft and Nvidia all fell about 1 per cent. Pinterest rose 5.5 per cent after the company gave forecasts and recaps of its decisions at its investor day that pushed analysts to upgrade how high they think its stock could go.

Arm Holdings, another company recently off a highly anticipated initial public offering of stock, also fell. It lost 3.8 per cent.Shares of Klaviyo, which helps advertisers market over email and text messaging, jumped 15.8 per cent on their first day of trading.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in LOANS

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Fed stays on hold, sends rates warning; ASX set to riseUS stocks are mixed after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought, regardless of how much Wall Street wants it.
Source: theage - 🏆 8. / 77 Read more »

ASX set to edge lower as Wall Street slips ahead of Fed decisionStocks are slipping as Wall Street waits for the Federal Reserve’s latest decision on interest rates.
Source: theage - 🏆 8. / 77 Read more »

ASX set to edge lower as Wall Street slips ahead of Fed decisionStocks are slipping as Wall Street waits for the Federal Reserve’s latest decision on interest rates.
Source: smh - 🏆 6. / 80 Read more »