Tuesday, May 21, 2024
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Stocks Climb following Federal Reserve’s rate decision and Powell’s Press Conference.

U.S. stocks initially hesitated but ultimately gained ground on Wednesday following the U.S. Federal Reserve’s expected decision to maintain its key interest rate. However, the Fed hinted that its next move could involve a rate cut. The three major U.S. stock indexes ended the session in positive territory.

After its two-day monetary policy meeting, the Federal Open Markets Committee (FOMC) unanimously agreed to keep the Fed funds target rate steady at 5.25%-5.50%.

Peter Cardillo, chief market economist at Spartan Capital Securities in New York, noted, “They opted to keep rates unchanged, citing a lack of significant progress on inflation in their statement. This development doesn’t come as a surprise.

The statement that accompanied the decision left uncertainty regarding the timing of any potential rate cut, with Federal Reserve officials emphasizing their worry that the early months of 2024 haven’t instilled the confidence they desire in combating declining inflation.

During a press conference, Chair Powell reiterated the central bank’s dedication to achieving its 2% inflation target. He also remarked that the labor market was undergoing normalization, citing Wednesday’s data, which revealed job openings were dropping to a three-year low.

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Tuesday, May 21, 2024

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