NEW YORK — Stocks moved higher and Treasury yields fell after the Federal Reserve said it still expects to make three interest rate cuts this year. The Fed also kept its bechmark interest rate unchanged, as expected, and raised its estimate for economic growth this year. Markets are fervently hoping for cuts to interest rates, which the Fed has raised to the highest level since 2001 as it fights to rein in inflation. The S&P 500 turned 0.
The Fed began its latest meeting on interest rates on Tuesday and will announce its decision later Wednesday. The widespread expectation is for the central bank to leave its main interest rate alone at a two-decade high. Investors are hoping the Fed will indicate it still expects to cut rates three times later this year, as it hinted a few months ago.
The central bank started raising interest rates in 2022 in an effort to tame inflation back to its target of 2%. Inflation has broadly cooled since then, with consumer prices falling to a rate of 3.2% in February from as high as 9.1% in the middle of 2022. At the same time, consumers kept spending and the economy grew, despite worries that such severe interest rate increases could cause a recession.
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:
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock market today: Stocks retreat as Wall Street weighs hot inflation's impact on FedInvestors are weighing whether two big hot inflation prints will prompt a Fed rethink on rate cuts as its March policy meeting looms.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Stock market today: Wall Street notches another record ahead of Fed newsNEW YORK (AP) — Wall Street notched another record high as traders wait to hear what the Federal Reserve will do with interest rates. The S&P 500 shook off an early loss and closed 0.6% higher Tuesday, beating the all-time high it set last week.
Source: SooToday - 🏆 8. / 85 Read more »
Stock market today: Premarket trading on Wall Street muted as markets await Fed's rate decisionHONG KONG — Trading on Wall Street was quiet and mixed early Wednesday as markets awaited a decision on interest rates from the Federal Reserve and possible ...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Stock market today: Wall Street rises toward records ahead of a big week for central banksNEW YORK (AP) — Stocks are rising Monday ahead of a busy week for central banks around the world that could dictate where interest rates go. The S&P 500 was ...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Stock market today: Wall Street rises ahead of a big week for central banksNEW YORK (AP) — Stocks rose ahead of a busy week for central banks around the world that could dictate where interest rates go next. The S&P 500 addded 0.6% Monday, coming off its first back-to-back weekly losses since October.
Source: SooToday - 🏆 8. / 85 Read more »
Markets today: Stocks fall as Wall Street trims risk before FedStocks fell as traders took some chips off the table ahead of the highly anticipated U.S. Federal Reserve decision that will help shape the outlook for rate cuts this year.
Source: BNNBloomberg - 🏆 83. / 50 Read more »