Federal Reserve officials paused their series of interest-rate hikes but projected borrowing costs will go higher than previously expected, owing to what Chair Jerome Powell called surprisingly persistent inflation and labor-market strength.
Federal Reserve officials paused their series of interest-rate hikes but projected borrowing costs will go higher than previously expected, owing to what Chair Jerome Powell called surprisingly persistent inflation and labor-market strength.
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Stocks Gain, Yields Pare Rise After Fed Stands Pat: Markets Wrap
Bloomberg 4 days ago Olivia Raimonde and Lu Wang
(Bloomberg) Stocks rose to record highs and yields on longer-maturity U.S. debt retreated from more than one-year highs after the Federal Reserve continued to project near-zero interest rates at least through 2023 despite rising inflation concerns.
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The yield on the benchmark 10-year note retreated from its highs of the day as Fed Chairman Jerome Powell reiterated that the central bank wants to see inflation moderately above 2% and said the recent move higher in yields wasn’t disorderly. The S&P 500 climbed to the highest level on record, led by the consumer discretionary, industrial and materials sectors. The Dow Jones Industrial Average also closed at an all-time high.