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The Federal Reserve announced it will maintain its benchmark interest rates in the range of 5.25% to 5.5%. Fed Chair Jerome Powell dismissed speculations about potential rate cuts and left the door open for further rate hikes. Powell's comments led to a decline in U.S. Treasury yields and a rise in the US Treasury 10 Year Note ETF (UTEN) and the iShares 20+ Year Treasury Bond ETF (TLT). Stocks surged during Powell’s press conference, with the SPDR S&P 500 ETF Trust (SPY), the Invesco QQQ Trust (QQQ), and the Technology Select Sector SPDR Fund (XLK) all showing gains.

Portfolio Pulse from Piero Cingari

November 01, 2023 | 7:43 pm

SPY

Jeffrey Gundlach of DoubleLine Capital commented on the Federal Reserve's recent decision, stating it was almost a direct repeat of the last meeting. He also noted that the Fed has left the door 'wide open' for further action.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 7:28 pm

SPY

The Federal Open Market Committee (FOMC) press conference has concluded. No specific details about the conference are provided.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 7:22 pm

SPY

Federal Reserve Chairman Jerome Powell stated that it is not clear whether the conflict in the Middle East will have an economic impact on the U.S. The statement was made during the FOMC press conference.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 7:21 pm

SPY

Federal Reserve Chairman Jerome Powell stated that the unwinding of the pandemic effects makes the current economic cycle unique and that the Fed is still learning about how it plays out. This was announced during the FOMC press conference.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 7:20 pm

SPY

Federal Reserve Chairman Jerome Powell stated that there hasn't been a structural change in consumption. He also suggested that the balance sheet strength of households and businesses may have been underestimated, indicating potential for more savings than previously thought.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 7:18 pm

SPY

Federal Reserve Chairman Jerome Powell stated that the risks are becoming more balanced between doing too much or too little, indicating a shift towards a more balanced monetary policy. This could impact the overall market, including ETFs like SPY.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 7:17 pm

SPY

Federal Reserve Chairman Jerome Powell stated that the Fed is examining whether inflation is still broadly cooling and validating the path observed over the summer. He noted that similar periods have been seen before, but the data has typically bounced back.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 7:17 pm

SPY

Federal Reserve Chairman Jerome Powell stated that the September reading on the Employment Cost Index was very close to internal expectations. He also mentioned that wages are not the principal driver of inflation so far, and the Fed is still trying to gain confidence in the appropriate stance.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 7:15 pm

SPY

Federal Reserve Chairman Jerome Powell stated that the Fed is taking more time to analyze data before deciding on its policy stance. He also noted that wage increases have significantly decreased over the last 18 months, aligning more closely with a 2% inflation rate.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 7:14 pm