Asian shares are mostly lower after the Federal Reserve raised a key interest rate, while noting the end may be near for its economy-crunching rate hikes
Displays show Fed chairman Jerome Powell's news conference while traders work on the floor at the New York Stock Exchange in New York, Wednesday, March 22, 2023. TOKYO — — Asian shares were mostly lower Thursday after the Federal Reserve raised a key interest rate, while noting the end may be near for its economy-crunching hikes to interest rates.its key overnight rate by a quarter of a percentage point, the same size as its last increase, in its campaign to drive down inflation.
On Wall Street, the S&P 500 fell 1.6% for its first drop in three days. It closed at 3,936.97. The Dow Jones Industrial Average lost 1.6% to 32,030.11, while the Nasdaq composite dropped 1.6% to 11,669.96. The Fed also released the latest set of projections from its policy makers on where rates are heading in upcoming years. The median forecast had the federal funds rate sitting at 5.1% at the end of this year, up only a smidge from where it currently sits, in a range of 4.75% to 5%.
Economic “indicators are still pretty resilient,” said Sameer Samana, senior global market strategist for Wells Fargo Investment Institute. “For markets to still speculate on rate cuts, it’s probably not going to take place this year if the Fed has its way.”or ease off the increases given the pain felt by banks. The second- and third-largest U.S. bank failures in history have both occurred in the last two weeks.
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