Stock market news
“FOMC maintains stimulus, brings rate hike forecast forward to 2023.
NEW YORK (Reuters) – The Federal Reserve on Wednesday brought forward its projections for the first post-pandemic interest rate hikes into 2023, citing an improved health situation and dropping a longstanding reference that the crisis was weighing on the economy.
New projections saw a majority of 11 Fed officials pencil in at least two quarter-point interest rate increases for 2023, even as officials in a statement after their two-day policy meeting pledged to keep policy supportive for now to encourage an ongoing jobs recovery.
The Fed also made technical adjustments to prevent its benchmark interest rates from falling too low. It raised the interest rate it pays banks on reserves – the IOER – held at the U.S. central bank by five basis points, and also lifted to 0.05% from zero the rate it pays on overnight reverse repurchase agreements, used to set a floor on short-term interest rates.”
Stock market data: Reuters
Stock market live update
At 2.51 PM ET time the US stock market is declining. The US dollar is gaining versus the Euro.
S&P 500: 4,205.86,-40.73(-0.96%)
Dow 30: 33,936.50,-362.83(-1.06%)
Russell 2000: 2,304.59,-15.48(-0.67%)
Stock market data: Yahoo Finance