Markets were in a downbeat mood ahead of today’s Federal Reserve policy decision. Even excitement over Instacart’s debut on the Nasdaq was somewhat muted.
, which fell 4.88% yesterday, is now 13% below its closing price on its first day of trading, when it surged 25%. The specter of high interest rates is still haunting the IPO market, especially for tech companies, whether startups or older companies with an established revenue stream.
As Dylan Kremer, co-chief investment officer at wealth management firm Certuity, said, "What investors are looking for … is where are longer term expectations: Where is that terminal rate." And analysts don't expect spikes in oil prices to affect rate decisions. Simon MacAdam, senior global economist at Capital Economics, doesn't think oil will cause "a sustained rebound inflation" or "cause central banks in advanced economies to respond with interest rate hikes."
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