HomeFinancial MarketsFed Sticks to Rate Cut Agenda, Sending Stocks Higher

Fed Sticks to Rate Cut Agenda, Sending Stocks Higher

The Federal Reserve held its March meeting on Wednesday, keeping its interest rates unchanged. Fed Chair Jerome Powell announced later in the day that while officials would like to see more evidence of falling prices before taking action, they maintain their agenda for introducing three rate cuts this year.

This development had a significant effect on investor confidence, driving futures on the benchmark S&P 500 up by 0.4%. Futures on the Nasdaq 100 rose by as much as 0.8%, while contracts listed on the Dow Jones Industrial Average gained 0.3%. Across the Atlantic, the Stoxx Europe 600 advanced by 0.9%, while the MSCI Asia Pacific Index surged 2% higher.

“The Fed appears to have achieved a better balance around its dual mandate of price stability and maximum employment,” Banco Bilbao Vizcaya Argentaria analysts told clients in a written note. They added their expectation that the central bank would normalize its policy stance by June.

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