DAILY UPDATE: Markets Down Amid FOMC’s Monetary Policy

By Staff Reporters

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U.S. equities did an about-face and finished lower following the monetary policy decision from the Fed. The Central Bank increased the target for its benchmark interest rate by 50 basis points (bps), which was widely expected and a moderation from the 75-bp hikes over the past four meetings. However, in his presser Chairman Powell reiterated that the Committee still had a ways to go to reach its goals.

Treasury yields finished little changed in choppy trading after the Fed’s announcement, and the U.S. dollar was lower, while crude oil prices gained ground and gold traded to the downside.

Equity news was on the lighter side, as Delta Air Lines increased its Q4 earnings outlook and offered upbeat long-term guidance, while Lennox International issued a 2023 forecast that missed estimates.

On the economic front, mortgage applications snapped a two-week losing streak, and import prices moderated more than expected.

Asia finished mostly higher following yesterday’s favorable U.S. inflation report, while markets in Europe diverged as investors awaited today’s Fed decision, which will be followed by tomorrow’s announcements from the European Central Bank and Bank of England.

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CITE: https://www.r2library.com/Resource/Title/082610254

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ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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