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Stock market commentary
The Fed will announce its monetary policy decision at 2PM. Earlier the US GDP figure showed a contraction of -4.8% for the first quarter of 2020.
“The U.S. economy shrank at its fastest pace since the last recession in the first quarter as the coronavirus pandemic shut down large parts of the country, signaling the end of the longest economic expansion on record.
Gross domestic product, the broadest measure of goods and services produced across the economy, contracted at a seasonally adjusted annual rate of 4.8% in the first three months of 2020, the Commerce Department said Wednesday. “