NEW YORK — U.S. stocks are mixed Wednesday after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought, regardless of how much Wall Street wants it.
Treasury yields in the bond market immediately turned higher after the Fed released its projections. They had already been climbing for months after strong reports on the U.S. economy suggested the Fed may need to keep interest rates higher for longer in order to fully drive down pressures on inflation.
Investors crave cuts to interest rates because they give an immediate boost to prices of all kinds of investments. Some of the biggest beneficiaries tend to be high-growth companies, and tech stocks have swung particularly sharply with expectations for rates. Pinterest rose 5.5% after the company gave forecasts and recaps of its decisions at its investor day that pushed analysts to upgrade how high they think its stock could go.
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