FOMC Meeting HIGHLIGHTS: Fed hikes key lending rate by 25 bps, Powell says inflation remains well beyond goal
FOMC Meeting HIGHLIGHTS: The Fed hiked the key US interest rate by a widely-expected 25 basis points (bps) on March 22, at the end of scheduled two-day deliberations of Chiar Jerome Powell-led Federal Open Market Committee — the US central bank's all-powerful panel that decides benchmark lending rates in the world's largest economy. The latest Fed rate hike marks a second straight increase of the magnitude of 25 bps, as the central bank switched to slower raises the current cycle of rising interest rates.
The FOMC's unanimous decision to give the key rates a hike of 25 bps comes as major central banks remain committed to fighting red-hot inflation without damaging economic growth amid fears of at least a mild recession. ALSO READ: Jerome Powell promises to keep banking system safe as FOMC delivers second back-to-back 25-bps rate hike
Today's Fed decision comes in the middle of a turmoil in banking stocks thanks to the Credit Suisse and Silicon Valley Bank (SVB) crises that sent wild signals to global stock markets.
Catch HIGHLIGHTS of on the Fed's second scheduled meeting of 2023, all the action in the US stock market, the comments of Jerome Powell and other US policymakers — and what to make of them, realtime interpretation and how investors are taking it all here on Zee Business' FOMC blog-
FOMC Meeting HIGHLIGHTS: The Fed hiked the key US interest rate by a widely-expected 25 basis points (bps) on March 22, at the end of scheduled two-day deliberations of Chiar Jerome Powell-led Federal Open Market Committee — the US central bank's all-powerful panel that decides benchmark lending rates in the world's largest economy. The latest Fed rate hike marks a second straight increase of the magnitude of 25 bps, as the central bank switched to slower raises the current cycle of rising interest rates.
The FOMC's unanimous decision to give the key rates a hike of 25 bps comes as major central banks remain committed to fighting red-hot inflation without damaging economic growth amid fears of at least a mild recession. ALSO READ: Jerome Powell promises to keep banking system safe as FOMC delivers second back-to-back 25-bps rate hike
Today's Fed decision comes in the middle of a turmoil in banking stocks thanks to the Credit Suisse and Silicon Valley Bank (SVB) crises that sent wild signals to global stock markets.
Catch HIGHLIGHTS of on the Fed's second scheduled meeting of 2023, all the action in the US stock market, the comments of Jerome Powell and other US policymakers — and what to make of them, realtime interpretation and how investors are taking it all here on Zee Business' FOMC blog-
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Thank you! That's all today on Zeebiz.com's blog on FOMC's second review of 2023
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Dow Update | Dow Jones plunges 530 pts, S&P 500, Nasdaq Composite follow suit as Fed Chair Jerome Powell remains committed to fight red-hot inflation
The three main US stock market indices — the Dow Jones, the S&P 500 and the Nasdaq Composite — saw bigger moves around the flatline following the Fed's announcement of a widely-expected 25-basis-point rate hike and ended sharply lower. The central bank also suggested it was on the verge of pausing future increases in view of recent turmoil in the financial sector.
Here's a look at how the three Wall Street gauges finished the day:
Dow Jones Industrial Average: down 530.5 points — or 1.6 per cent — at 32,030.1
S&P 500: down 65.9 points — or 1.7 per cent — at 3,937
Nasdaq Composite: down 190.2 points — or 1.6 per cent — at 11,670
Thank you! That's all today on Zeebiz.com's blog on FOMC's second review of 2023
For all other news related to business, politics, tech, sports and auto, follow us on Twitter, Facebook, LinkedIn and Instagram.
Dow Update | Dow Jones plunges 530 pts, S&P 500, Nasdaq Composite follow suit as Fed Chair Jerome Powell remains committed to fight red-hot inflation
The three main US stock market indices — the Dow Jones, the S&P 500 and the Nasdaq Composite — saw bigger moves around the flatline following the Fed's announcement of a widely-expected 25-basis-point rate hike and ended sharply lower. The central bank also suggested it was on the verge of pausing future increases in view of recent turmoil in the financial sector.
Here's a look at how the three Wall Street gauges finished the day:
Dow Jones Industrial Average: down 530.5 points — or 1.6 per cent — at 32,030.1
S&P 500: down 65.9 points — or 1.7 per cent — at 3,937
Nasdaq Composite: down 190.2 points — or 1.6 per cent — at 11,670
Dow LIVE | Fed policy, Jerome Powell comments fail to excite Wall Street; Dow down 195 pts
Here's where the three main US stock market indices — the Dow Jones Industrial Average, the S&P 500 and the megacap tech stocks-heavy Nasdaq Composite — stand at this hour, a good 75 minutes into the release of the FOMC's second policy statement of the year:
- Dow Jones: down 195.4 points — or 0.6 per cent — at 32,365.2
- S&P 500: down 19.7 points — or 0.5 per cent — at 3,983.2
- Nasdaq Composite: down 35.5 points — or 0.3 per cent — at 11,824.6
MSCI's All-Country World Index (ACWI), however, is up 2.8 points or 0.4 per cent at 630.4.
FOMC Meeting LIVE | Fed says US banking system sound, resilient
Here are some key highlights of the Fed's policy statement:
- Recent indicators point to modest growth in spending, production
- Job gains have picked up in recent months
- Unemployment rate remains low
- Inflation remains elevated
- FOMC remains highly attentive to inflation risks, seeks to achieve maximum employment, inflation at two percent over longer run
- It will closely monitor incoming information to assess implications for monetary policy
- FOMC strongly committed to bringing inflation back to target level
Jerome Powell promises to keep banking system safe as FOMC delivers second back-to-back 25-bps rate hike
Jerome Powell LIVE | Fed Chair says central bank remains committed to ensuring price stability
Federal Reserve Chairman Jerome Powell hints at "some additional hikes" ahead.
FOMC LIVE | Fed funds rate stands at 4.75-5% after latest hike
FOMC LIVE | Fed hikes key rates by 25 bps, hints at more increases
Here are a few key points in today's statement — the Fed's second policy statement of 2023:
- Inflation remains elevated
- FOMC member vote unanimous
- Some additional policy tightening "may be appropriate"
FED RATE HIKE LIVE | FOMC MEMBERS VOTE UNANIMOUSLY ON RATE DECISION
FOMC LIVE | FED HIKES RATE BY 25 BPS AS WIDELY EXPECTED
FOMC LIVE | Countdown begins! Big Fed rate decision any minute now
Follow this space to catch the latest on what Jerome Powell and other Fed policymakers think of inflation and resilience in the world's largest economy now. Will they hike rates or keep them on hold? Find out soon.
Jerome Powell LIVE | Fed Chair reiterates commitment to bring inflation back to 2% target
Federal Reserve Chairman Jerome Powell said higher interest rates and slower economic growth are weighing on businesses.
FOMC LIVE | Ajay Bagga says a hawkish tone from Fed Chair Jerome Powell today can cause nervousness across global equities
Market expert Ajay Bagga tells Zee Business that a hawkish take by Fed Chair Jerome Powell could cause investors turn nervous globally and impact the markets.
Fed rate cuts not in the offing, can now say for first time that disinflationary process has begun: Jerome Powell after last FOMC meeting
Fed Chair Jerome Powell, due to speak after the release of the FOMC's policy resolution statement at 11:30 India time tonight, gave a rather dovish signal to the markets in the last scheduled review. Referring to the "disinflationary" process that appeared to be underway, Powell insisted that rate cuts are not in the offing.
"We can now say for the first time that the disinflationary process has started," Powell told reporters, triggering a boost in investor bets for coming rate cuts.
