A person rides a bicycle in front of an electronic stock board showing Japan’s Nikkei index at a securities firm Wednesday, Sept. 18, 2024, in Tokyo. People stand in front of an electronic stock board showing Japan’s Nikkei index at a securities firm Wednesday, Sept. 18, 2024, in Tokyo. People stand near an electronic stock board showing Japan’s Nikkei index at a securities firm Wednesday, Sept. 18, 2024, in Tokyo.
The Fed’s announcement is scheduled for Wednesday, with the overwhelming expectation on Wall Street for a cut to the federal funds rate. The rate has been in a range of 5.25% to 5.50% for over a year. The Fed has been keeping its main interest rate at a two-decade high in hopes of grinding down on the economy enough to stifle high inflation.Will the Federal Reserve cut interest rates fast enough to deliver a ‘soft landing’?, the S&P 500 edged up less than 0.1% to 5,634.58. It remains 0.6% below its all-time closing high set in July, and it briefly rose above that mark during the morning.
In the bond market, the 10-year Treasury yield rose to 3.64% from 3.62% late Monday. The two-year yield, which more closely tracks expectations for the Fed’s actions, rose to 3.59% from 3.56%.
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