Stock market news today: Dow sinks as Powell deflates rate-cut hopes

US stocks swung lower Wednesday after Federal Reserve Chairman Jerome Powell tossed cold water on speculation that policymakers are set to deliver rate cuts this year. fed funds rate by 25 basis points

, in line with market expectations to bring the key rate to its highest level since 2007. The rate now stands at 4.75%-5%. Policymakers in their statement stripped out reference to"ongoing increases" in interest rates, and its view on the terminal rate remained at 5.1%. But stocks turned lower after Powell in answering questions during his press conference indicated expectations of rate cuts this year were off track."That's not our baseline expectation," he said. Stocks were also under pressure as Treasury Secretary Janet Yellen said during a Senate committee hearing that regulators were not looking at providing"blanket" deposit insurance for the banking system, which has been shaken after the collapse of Silicon Valley Bank.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Dow ends down as Fed hikes, Powell shoots down rate-cut bets By Investing.com⚠️BREAKING: *U.S. STOCKS END LOWER AS FED HIKES, POWELL SHOOTS DOWN RATE-CUT BETS; DOW SINKS OVER 500 POINTS Duhuuuuu No rate cuts, but possibly no rate hikes, at least one good takeaway Wall Street better get used to the fact that the EASY MONEY days are OVER. The money printer is off. Go make money like your fathers and grandfathers, during the 80's when we had 20+ Interest Rates. Daddy's credit card has been confiscated
Source: Investingcom - 🏆 450. / 53 Read more »

Stock Market Today: Dow ends more than 500 points lower after remarks by Fed's Powell and Treasury's YellenDow's down over 400 points in final minutes of trading session Over 500. Get it right. Oh, you did in the article👍
Source: MarketWatch - 🏆 3. / 97 Read more »