In an effort to combat inflation that is still persistently over its long-term target of 2%, the Fed has rapidly hiked interest rates over the last 18 months to a level not seen in 22 years – US stocks.
As Wall Street traders were ready for the Federal Reserve’s impending interest rate decision, US markets nearly closed flat on Monday.
In an effort to combat inflation that is still persistently over its long-term target of 2%, the Fed has rapidly hiked interest rates over the last 18 months to a level not seen in 22 years.
However, after two days of talks on Tuesday and Wednesday, it is largely anticipated that the US central bank will maintain rates in an effort to combat inflation without sending the world’s largest economy into a recession.
The Nasdaq Composite Index, which is dominated by technology, concluded the day at 13,710.24 while the Dow Jones Industrial Average ended the day unchanged at 34,624.30.
Kimberly Forrest from Bokeh Capital Partners told AFP that “nothing happened today, aside from a few stocks that had news, but the market is waiting for what the Fed’s going to do.”
The share prices of Ford, General Motors, and Stellantis, the “Big Three” automakers, all fell as a result of the ongoing pay-related strike action.
Since the United Car Workers union began its first-ever simultaneous strike at factories owned by the three car giants late last week, despite continuous negotiations, there has been no significant progress.
