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NEW YORK — Wall Street fell sharply Thursday in an ugly day for stocks worldwide on expectations that U.S. interest rates will stay high well into next year. The S&P 500 lost 1.6% for its worst day since March. That followed a drop of 0.9% from Wednesday after the Federal Reserve indicated it may cut interest rates next year by just half of what it had earlier predicted.
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Fed's 'big message' will be restrictive policy for longer: EconomistMarkets and investors are waiting and wondering how much the Fed's September interest rate decision will line up with expectations, with many anticipating a rate pause this month. SEI Chief Investment Officer Jim Smigiel and Dreyfus and Mellon Chief Economist Vincent Reinhart join Yahoo Finance Live to share their predictions on Fed Chair Jerome Powell's ultimate decision. 'The Fed does not like to disappoint when the market is kind of all lined up with an expectation like they are for this week, where there will be a pause — the Fed will deliver on that,' Smigiel comments on the market's hawkish sentiment. 'However, we do think there is, at the least, one more hike baked in the cake. So that will probably come in November.' 'The big message the Fed's going to want to convey is they're going to keep policy restrictive for as long as it takes,' Reinhart outlines. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Why the Fed may not be worried about high oil prices yetThe Federal Reserve announced it will keep rates steady, with a possibility for another rate hike down the road. With gas prices rising, student loan repayments resuming, workers' strikes, and a potential government shutdown, there's a lot of uncertainties for investors to consider. Another one of them is what the Fed will do at their November meeting. Peter Tchir, Head of Macro Strategy for Academy Securities and Yung-Yu Ma, U.S. Chief Investment Officer of BMO Wealth Management, join Yahoo Finance to discuss their predictions for the Fed's next move and how markets are reacting to all the latest financial headwinds. When asked about the central bank's options going forward, Ma explains that the Fed will have to pay attention to these headwinds saying 'its definitely still data dependent whether or not the Fed raises rates again...cutting rates is far out prospect at this point.' Tchir says when it comes to higher oil prices, he thinks the Fed will be 'reluctant' to try to deal with them through monetary policy, adding that prices may have to be higher until January or February for the Fed to become concerned. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Fed's Powell proceeding 'carefully' on monetary policy, inflationThe Federal Reserve is putting a pause on interest rates in September, potentially leaving room for one last hike in 2023. Yahoo Finance Fed Reporter Jennifer Schonberger breaks down Fed Chair Jerome Powell's statements on data dependency while carefully considering the next monetary policy steps to tame inflation to the 2% goal. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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What a Fed rate hike, future cuts could mean for the housing marketHomebuyers struggle to juggle elevated mortgage rates and overall housing availability amid the backdrop of the Fed's rate pause decision. Yahoo Finance Housing Reporter Dani Romero details the Fed's monetary policy role in providing relief to the U.S. housing market. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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Fed leaves interest rates unchanged, implies one more hike aheadThe Federal Reserve is keeping its fed funds target rate unchanged at a range of 5.25% to 5.50%. Officials see the top end of the range as 5.75%, implying one more rate hike is ahead. In the statement, the Federal Open Market Committee reiterated that inflation remains 'elevated' and that job growth has slowed, but remains 'strong.' Yahoo Finance Federal Reserve Reporter Jennifer Schonberger breaks down the Fed's statement. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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Fed rate decision: Recession fears have 'really faded,' professor saysFed regulators have come out of the September FOMC meeting deciding to keep interest rates unchanged, potentially leaving the door open for one more rate hike in 2023. Dartmouth College Economics Professor Andrew Levin and abrdn U.S. Research Economist Abigail Watt sit down with Yahoo Finance Live to react to the Fed's interest rate narrative and what it may signal for 2024. 'The extent to which their statement today used the word 'solid' to describe economic activity is a good word,' Levin, a former special adviser to the Federal Reserve Board, says. 'So one thing the Fed is reluctant to do is to talk about risks, and I think the truth is there's an upside risk to the inflation outlook.' For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »