Fed Holds Rates Steady: Projections Show Fewer Rate Cuts, Higher Inflation Outlook
Portfolio Pulse from Piero Cingari
The Federal Reserve has decided to keep interest rates unchanged within the 5.25-5.50% range, but the updated economic projections indicate fewer rate cuts and higher inflation estimates. The SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust (QQQ) saw slight gains following the announcement.
June 12, 2024 | 6:14 pm
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POSITIVE IMPACT
The Invesco QQQ Trust (QQQ) saw a 1.3% increase following the Fed's decision to hold interest rates steady and the updated economic projections indicating fewer rate cuts and higher inflation.
The Fed's decision to hold rates steady and the hawkish economic projections led to a positive market reaction, boosting QQQ by 1.3%.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) saw a 0.8% increase following the Fed's decision to hold interest rates steady and the updated economic projections indicating fewer rate cuts and higher inflation.
The Fed's decision to hold rates steady and the hawkish economic projections led to a positive market reaction, boosting SPY by 0.8%.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80