WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
The Nasdaq Composite climbed 1.38%. to 14,733.96. All three major averages hit fresh 52-week highs.
The central bank held the benchmark overnight borrowing rate steady in the 5.25% to 5.5% range as expected, but more importantly it forecast three rate cuts in 2024, which were more than it had previously indicated. Investors have been increasingly hoping for the Fed to give a clearer signal that it would start cutting rates next year with recent inflation data easing.
The Fed’s meeting statement acknowledged that inflation “has eased” over the past year and the central bank formally lowered its inflation forecast for 2024, seeing a 2.4% rate down from 2.6%.
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
The Nasdaq Composite climbed 1.38%. to 14,733.96. All three major averages hit fresh 52-week highs.
The central bank held the benchmark overnight borrowing rate steady in the 5.25% to 5.5% range as expected, but more importantly it forecast three rate cuts in 2024, which were more than it had previously indicated. Investors have been increasingly hoping for the Fed to give a clearer signal that it would start cutting rates next year with recent inflation data easing.
The Fed’s meeting statement acknowledged that inflation “has eased” over the past year and the central bank formally lowered its inflation forecast for 2024, seeing a 2.4% rate down from 2.6%.
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