US stock indexes hit record highs on Wednesday after the Federal Reserve held interest rates unchanged and stuck to its projection of three rate cuts this year. The S&P 500 rose 0.8%, finishing at 5,224.61, its first-ever close above 5,200. Meanwhile, the Dow Jones Industrial Average popped about 1% to close at a record of 39,511. The tech-heavy Nasdaq Composite led the gains, rising more than 1% to close at a record level of 16,369.
Along with its policy announcement, the Fed released updated economic forecasts in its Summary of Economic Projections , including its "dot plot," which maps out policymakers' expectations for where interest rates could be headed in the future. Fed officials see the fed funds rate falling to 4.6% by the end of 2024. That suggests the Fed will cut rates by 0.75% this year. Notably, this falls in line with market pricing from investors entering Wednesday.
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