U.S. stocks gave up gains to turn lower Wednesday afternoon after the Federal Reserve, as expected, raised its fed funds rate by 75 basis points, while also signaling that rates would remain higher for longer as the central bank attempts to get a grip on persistent inflation. The Fed's so-called dot plot showed an expectation for a fed funds rate peaking at 4.
6% in 2023, with 12 of 19 policy makers showing expectations for a fed funds rate between 4.5% and 5% in 2023. The Dow Jones Industrial Average DJIA, +0.04% erased a gain of around 170 points and was down 100 points, or 0.3%, on the day. The S&P 500 SPX, +0.24% fell 0.3%, giving up a gain of 0.7%, while the Nasdaq Composite COMP, +0.36% gave up a comparable gain to fall 0.6%.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
So, because i paid $100 more on stuff this month, Powell raised the mortgage rates to 6% so my payments increase by $1000 per month....someone please explain this strategy to stupid old me? This only benefits the banks.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto and stocks soften ahead of Fed rate hike, but XRP, ALGO and LDO look ‘interesting’Bitcoin, Ethereum and most altcoins turned red ahead of the Federal Reserve’s Sept. 21 rate hike announcement, but horushughes says XRP, $ALGO and $LDO could be possible standouts. HorusHughes I can t ggeet why eeveeryonee maskingg this from us The greatest underground secret of Uniswap $MIKOTO MIKOTOMOB The new billion dollar Asian cryptocurrency bubble is emerging and MIKOTO is the market leader.
Source: Cointelegraph - 🏆 562. / 51 Read more »
Stocks sink as investors wait for the Fed's rate hikeFed policy makers will announce another rate hike on Wednesday. The market is pricing in a nearly 85% chance of a third consecutive three-quarters of a percentage point increase, but some believe the Fed will be even more aggressive. That’s great now no one can buy anything sure wish someone knew how to run the country why are we always struggling Look at the plastic talking heads. Holy shitt. Do they practice believing the bs they regurgitate for us or? One thing I don’t understand! The Fed is doing the rate hikes for improving the economy! SO WHY IN THE HELL THE MARKET HAS BEEN REACTING NEGATIVELY EVER SINCE THE FIRST HIKE?
Source: CNN - 🏆 4. / 95 Read more »
US stocks rise ahead of expected interest rate hike by FedStocks closed higher on Wall Street after swaying between small gains and losses much of the day as investors brace for another big interest rate increase this week from the Federal Reserve.
Source: KPRC2 - 🏆 80. / 68 Read more »