Stocks surge as Fed leaves US interest rates on hold and promises 'patience' – as it happened

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The Fed is stepping back from raising rates on autopilot and will likely continue to look at other metrics to inform Fed decisions, including inflation rates, U.S. market trajectory and global growth numbers.”

“What a difference a month makes. The market reacted swiftly and negatively to the Fed meeting in December. But today, we saw a much more dovish Fed, the Fed changed its language and shifted away from gradual increases to a position of patience.”

“The Fed is going to be truly data and market dependent now. If global growth improves and if the market once again rallies, we may see the Fed hike by year end. For now, I’d expect additional rate hikes to be on hold until at least mid-year.”

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