U.S. stocks are drifting Wednesday as Wall Street waits to hear from the Federal Reserve about where interest rates may be heading.
by STAN CHOE | AP Business WriterA banner for cruise operator Viking, marking its initial public offering, hangs on the front of the New York Stock Exchange on Wednesday, May 1, 2024 in New York. The Federal Reserve on Wednesday emphasized that inflation has remained stubbornly high in recent months and said it doesn't plan to cutuntil it has "greater confidence" that price increases are slowing sustainably to its 2% target.
But given the persistence of elevated inflation, financial markets now expect just one rate cut this year, in November, according to futures prices tracked by CME FedWatch. On Wednesday, the Fed also said it would slow the pace at which it's unwinding one of its biggest COVID-era policies: Its purchase of several trillion dollars in Treasury securities and mortgage-backed bonds, an effort to stabilize financial markets and keep longer-term rates low.
Inflation Interest Rates Economic Growth Financial Markets Rate Cuts Consumer Spending Bond Holdings
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