U.S. stocks pulled back while Treasury yields jumped on Wednesday after the Federal Reserve kept interest rates on hold, while signaling that it planned to hold borrowing costs higher for longer while delivering one more interest-rate hike later this year. The S&P 500 SPX, -0.11% was off 6 points, or 0.1%, at 4,437 in recent trade, while the Nasdaq Composite COMP, -0.43% was down 52 points, or 0.4%, at 13,622. The yield on the 10-year Treasury note was off by 2 basis points at 4.
In addition to its interest-rate decision, the Fed released an updated policy statement and batch of projections which showed that senior officials expected the Fed funds rate to finish 2024 at 5.1%, according to the median dot from the Fed’s “dot plot.” That’s up from 4.6% in June, when the previous batch of projections was released. This resembled the “hawkish pause” scenario that many Wall Street strategists had expected prior to the decision. The Dow Jones Industrial Average DJIA, +0.
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