Fed Signals Unlikelihood of March Rate Cut: Key Takeaways from January 2024 Meeting
TL;DR Summary
S&P 500 futures remained largely unchanged after Federal Reserve Chair Jerome Powell indicated that a rate cut in March is unlikely, leading to a dismal day for major averages. Qualcomm shares slid despite beating earnings and revenue estimates, while Align Technology's stock surged after reporting strong fourth-quarter results. The Dow Jones Industrial Average fell 317 points, the S&P 500 slid 1.6%, and the Nasdaq Composite lost 2.2% following Powell's comments. Rate cut expectations for March decreased, with markets now pricing in a 36% chance, down from 40.4%, while the chances of a rate cut in May rose to 58%.
- S&P 500 futures are little changed after Fed signals it's unlikely to cut rates in March: Live updates CNBC
- Key takeaways from the Fed’s decision to hold rates steady CNN
- Fed Chief Jerome Powell says a March rate cut is not likely CNBC
- The Fed Holds Interest Rates Steady and Is Not Quite Ready to Cut Them. The New York Times
- Fed Meeting January 2024: Fed Holds Rates Steady, Signals Openness to Cut Bloomberg
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