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  3. US markets end mostly higher on Fed decision to hold interest rate steady

US markets end mostly higher on Fed decision to hold interest rate steady

15 Jun 2023 Evaluate

The US markets ended mostly higher on Wednesday after the Fed announced its widely expected decision to pause its interest rate increases following ten consecutive rate hikes but also forecast additional increases later this year. The Fed said it has decided to maintain the target range for the federal funds rate at 5 to 5.25 percent, marking the first time the central bank has left rates unchanged since January 2022. Leaving rates unchanged will allow the Federal Open Market Committee the opportunity to assess additional information and its implications for monetary policy, the Fed said. However, the central bank's latest projections suggest the Fed plans to resume raising rates later this year, forecasting a rate of 5.6 percent by the end of 2023. 

If the Fed decided to revert to its recent quarter-point increases, the forecast suggests the central bank will raise rates two more times this year. On the sectoral front, Airline stocks moved sharply higher on the day, with the NYSE Arca Airline Index soaring by 2.1 percent to a one-year closing high. Significant strength was also visible among semiconductor stocks, as reflected by the 1.5 percent gain posted by the Philadelphia Semiconductor Index. The index also reached its best closing level in over a year. On the other hand, banking stocks came under pressure following the Fed announcement, dragging the KBW Bank Index down by 1.8 percent.

Nasdaq surged 53.16 points or 0.39 percent to 13,626.48 and S&P 500 was up by 3.58 points or 0.08 percent to 4,372.59, Dow Jones Industrial Average fell 232.79 points or 0.68 percent to 33,979.33.  
 


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