Ford Stock Sinks as Global Semiconductor Shortage Bites into Fiscal Year Outlook
2021-04-29 00:00:00
Brendan Fagan,
Stock Market Talking Points:
Federal Reserve Chair Jerome Powell reiterated the Fed’s accommodative stance, rates remain unchanged
Ford Motors posted strong earnings, but slashed FY outlook as semiconductor shortages impact production
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US equities closed lower on Wednesday, as Federal Reserve Chair Jerome Powell offered no surprises while fielding questions from the press. The Federal Open Market Committee (FOMC) left interest rates unchanged and remained committed to $120 billion in monthly asset purchases. Chair Powell indicated that the economy remains “quite a distance” from Fed targets, and it is still too early to foster any discussion of tapering asset purchases.