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  3. US markets end lower after Fed hikes rates

US markets end lower after Fed hikes rates

14 Jun 2018 Evaluate

The US markets ended the Wednesday’s trade in red terrain after the Fed announced its decision to raise interest rates by 25 basis points to a range of 1.75 percent to 2 percent. While the rate hike was widely expected, the Fed seemed to surprise investors by forecasting two additional rate hikes this year after previously predicting one rate increase. The Fed reiterated that it expects further gradual rate increases but dropped language predicting rates are likely to remain below levels that are expected to prevail in the longer run. The central bank said data received since its May meeting indicates that the labor market has continued to strengthen and that economic activity has been rising at a solid rate. Annual overall inflation and core inflation have moved close to 2 percent, the Fed said and noted indicators of longer-term inflation expectations are little changed.

On the economic front, the Labor Department released a report showing a bigger than expected increase in producer prices in the month of May. The Labor Department said its producer price index for final demand climbed by 0.5 percent in May after inching up by 0.1 percent in April. The street had expected producer prices to rise by 0.3 percent. Excluding food and energy prices, core producer prices rose by 0.3 percent in May after edging up by 0.2 percent in April. Core prices had been expected to show another 0.2 percent increase. The report said the annual rate of producer price growth accelerated to 3.1 percent in May from 2.6 percent in April, reaching its highest level in over six years. The annual rate of growth in core producer prices also ticked up to 2.6 percent in May from 2.5 percent in the previous month.

The Nasdaq declined 8.10 points or 0.11 percent to 7,695.70, the S&P 500 shed 11.22 points or 0.40% to 2,775.63 and the Dow Jones Industrial Average was down by 119.53 points or 0.47 percent to 25,201.20.


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