Fed Keeps Rates Steady At 5.5%, Dot Plot Indicates 1 More Hike In 2023
Portfolio Pulse from Piero Cingari
The Federal Reserve has maintained the federal funds rate at 5.25% to 5.5% and indicated a potential rate hike in 2023. The dot plot shows a median projection for 2023 at 5.6%, suggesting one more rate increase. The economic growth forecast for 2023 has been revised upwards to 2.1%. Following the announcement, stocks fell and the U.S. dollar rose. The SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust (QQQ) fell by 0.2% and 0.3% respectively.
September 20, 2023 | 6:21 pm
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NEGATIVE IMPACT
The Invesco QQQ Trust (QQQ) fell by 0.3% after the Fed's announcement.
The Fed's decision has led to a fall in the stock market, impacting the QQQ ETF.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) fell by 0.2% following the Fed's announcement.
The Fed's decision to maintain the current interest rates and the potential rate hike in 2023 has led to a fall in the stock market, impacting the SPY ETF.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100