NEW YORK, Sept 20 ― Wall Street lost ground yesterday, with risk-off sentiment weighing as the US Federal Reserve convened for its much-anticipated two-day monetary policy meeting.
“Broad inflation readings have shown marked progress over the last year,” Northey added. “But the last mile of inflation is likely going to be more challenging, bringing it back toward the Federal Reserve's target of 2 per cent.” Financial markets have priced in an all-but-certain 99 per cent probability that the central bank will leave its key Fed funds target rate at 5.25 per cent -5.00 per cent on Wednesday, and a growing 70.9 per cent likelihood of standing pat at its next meeting in November, according to CME's FedWatch tool.
Among the 11 major sectors of the S&P 500, nine ended the session red, with energy and consumer discretionary suffering the largest percentage declines. Automakers General Motors and Ford Motor Co advanced as the United Auto Workers union planned to announce more strikes on Friday if no serious progress is made in ongoing talks with automakers.
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US stocks close lower ahead of Fed rate decisionNEW YORK: Wall Street lost ground on Tuesday (Sept 19), with risk-off sentiment weighing as the US Federal Reserve (Fed) convened for its much-anticip...
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