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Meanwhile, the "core" Producer Price Index (PPI) revealed prices increased by 3.1% in October, up from 2.8% the month prior and above economist expectations for a 3% increase.
For the week, the Nasdaq Composite rose more than 1%, while the S&P 500 was near flat. The Dow Jones Industrial Average ( ^DJI ) fell more than 2%. All three indexes were still near record highs.
In June, Fed officials saw the fed funds rate peaking at 5.1% in 2024, suggesting just one 25 basis point cut to come this year. But the narrative has shifted quite considerably since that time.
Investors watched carefully for dot plot changes, but instead got some much bigger news: Jerome Powell and the Fed see 2024 growth coming in at almost double what was expected.
But the holiday-shortened week will still give Wall Street a chance to parse through the Fed's expectations for next year's interest rate decisions. Central bankers now predict a shallower rate ...
The Fed is widely expected to hold interest rates steady this Wednesday at its first policy meeting of 2024. Investors will be looking for any clues about when cuts could begin.
The Fed hiked the federal funds rate (overnight interest rates) to a two-decade high of 5.33% between Mar. 2022 and Aug. 2023, in order to tame an inflation surge that resulted from pandemic ...
Over the prior year, prices rose 2.7% in September, above Wall Street's expectations for 2.6% and in line with the 2.7% seen in August. On a yearly basis, overall PCE increased 2.1%, its slowest ...