S&P 500 Has Its Worst Fed-Decision Day Since March: Markets Wrap
- Powell says Fed to keep options open instead of hurrying
- No cut until officials are more confident on inflation path
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Stocks saw their biggest decline on a Federal Reserve day since last March after Jerome Powell said officials want to keep their options open instead of rushing to cut interest rates.
Speaking after the Fed decision, Powell said he doesn’t think it’s likely the central bank will ease policy in March 2024. In a sign that officials are not in a hurry to lower rates, the central bank also said it “does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2%.”