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  3. US markets end lower as Fed signals more rate hikes ahead

US markets end lower as Fed signals more rate hikes ahead

15 Dec 2022 Evaluate

The US markets ended lower on Wednesday after the Fed announced its widely expected decision to slow the pace of interest rate increases but still signaled further rate hikes. After raising interest rates by 75 basis points at four consecutive meetings, the Fed announced its decision to raise interest rates by 50 basis points to a target range of 4.25 to 4.50 percent. The text of the Fed's accompanying statement was largely unchanged from last month, however, with the central bank reiterating that it anticipates ongoing increases in rates will be appropriate. The economic projections provided along with the announcement also suggest the Fed expects rates to ultimately be raised higher than forecast back in September. The median forecast suggests rates will be raised to a so-called terminal rate of 5.1 percent next year compared to the September projection of 4.6 percent.

Fed Chair Jerome Powell said it will require substantially more evidence inflation is on a sustained downward trend, likely attracting even more attention to the inflation data due ahead of the next meeting. On the sectoral front, financial stocks showed a significant move to the downside following the Fed announcement, with the KBW Bank Index and the NYSE Arca Broker/Dealer Index falling by 1.7 percent and 1.6 percent, respectively. Considerable weakness also emerged among semiconductor stocks, as reflected by the 1.6 percent drop by the Philadelphia Semiconductor Index. Chemical stocks also came under pressure late in the session, dragging the S&P Chemical Sector Index down by 1.4 percent.

Dow Jones Industrial Average fell 142.29 points or 0.42 percent to 33,966.35, Nasdaq dropped 85.93 points or 0.76 percent to 11,170.89 and S&P 500 was up by 24.33 points or 0.61 percent to 3,995.32.

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