\u0027We see considerable uncertainty in the path ahead\u0027
The three major U.S. stock indexes, which were mostly languid prior to the Fed announcement, moved higher in the immediate aftermath as investors digested the hike and the accompanying statement.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Market participants will scrutinize Chairman Jerome Powell’s remarks and Q&A session, which began at 2:30 p.m. ET, for further clues regarding the central bank’s view of inflation, economic health, and stability in the banking sector. Worries persist that the central bank’s aggressive battle against inflation could tip the economy into recession, and recent turmoil in the banking sector, sparked by failures of SVB Financial Group and Signature Bank, have exacerbated those fears.
“Despite the Fed pressing ahead with a 25 bps rate hike today, we see considerable uncertainty in the path ahead and would downplay the significance of updated economic and dot plot projections in such a fast-moving environment,” said Ashish Shah, chief investment officer of Goldman Sachs’ Public Investing Business in New York.
At 2:08 p.m. ET, the Dow Jones Industrial Average rose 46.39 points, or 0.14%, to 32,606.99, the S&P 500 gained 14.75 points, or 0.37%, to 4,017.62 and the Nasdaq Composite added 83.94 points, or 0.71%, to 11,944.05.
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