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NEW YORK - The Federal Reserve held interest rates steady on Wednesday but left the door open to a further increase in borrowing costs in a policy statement that acknowledged the U.S. economy's surprising strength, but also nodded to the tighter financial conditions faced by businesses and households.STOCKS: U.S. stocks initially moved higher before paring gains and the S&P 500 was last up 0.4%BONDS: The U.S. Treasury 10-year yield was last down 6.5 basis points at 4.
"The economy’s resilience has not stalled labor market rebalancing or revived wage and price pressures, suggesting disinflation will progress and indicating that the Fed will likely keep its policy unchanged into 2024. “These included an upgraded assessment of recent growth, a slight adjustment to description of job growth, and a reference to recent tightening in financial conditions as likely weighing on economic activity.
“And then they added in the second paragraph the term ‘financial conditions’ to the credit concerns that are going to ‘weigh’ on economic activity. I guess the market is going to run with that. “The statement leans to the dovish side. It’s less hawkish than I expected. The fact that they left rates unchanged for the second time in a row suggests the Fed might leave rate unchanged and in December, and if they do that means the Fed is done.
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