TECH - Fed Keeps Rates Steady Signals Cuts For 2024; Powell Ignites Stock Rally: The Week In The Markets | Benzinga
The Federal Reserve maintained interest rates Wednesday at the 5.25%-5.5% range in its last meeting of the year. At the same time, the Fed also signaled a willingness to begin reducing the cost of borrowing money in 2024.
Fed Chair Jerome Powell stated interest rates are “likely at or near the peak of this tightening cycle” and rate cuts are already under discussion by the board. Investors responded positively to the Fed’s guidance by flocking to stocks and bonds due to growing optimism about potential interest rate reductions in 2024.
Dow Jones Reaches Record Highs: The Dow Jones Industrial Average, as tracked by the SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA), representing the 30 largest U.S . blue-chip stocks, hit a new all-time high in reaction to the Fed meeting this ...