U.S. stocks sink as Fed signals it will remain aggressive
Stocks fell broadly on
The S&P 500 fell 2.2% as of
The Dow Jones Industrial Average fell 672 points, or 2%, to 33,294 and the Nasdaq fell 2.9%. The slide erased all the weekly gains for the major indexes.
Technology and communication services stocks led the market's sell-off. Microsoft fell 2.8% and
"The (stock) market's reaction is now factoring in a recession, and rejecting the possibility of the 'soft/softi s h' landing" that Fed Chair
Although the Fed is slowing the pace of its rate increases, the central bank signaled it expects rates to be higher over the coming few years than it had previously anticipated. That disappointed investors who hoped recent signs that inflation is easing somewhat would persuade the Fed to take some pressure off the brakes it's applying to the
The federal funds rate stands at a range of 4.25% to 4.5%, the highest level in 15 years.
Fed policymakers forecast that the central bank's rate will reach a range of 5% to 5.25% by the end of 2023.
Their forecast doesn't call for a rate cut before 2024.
The yield on the two-year
The yield on the 10-year
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