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Fed Lowers Interest Rates By Quarter Point, Forecasts Fewer Rate Cuts In 2025
In support of its dual goals of maximum employment and inflation at the rate of 2 percent over the longer run, the Federal Reserve on Wednesday announced its widely expected decision to lower interest rates by another quarter point. The Fed said it decided to lower the target range for the federal funds rate by 25 basis points to 4.25 to 4.50 percent, matching the rate cut seen in early November.
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U.S. Dollar Advances Against Most Majors
The U.S. dollar strengthened against its most major counterparts in the New York session on Wednesday.
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Swiss Market Ends Notably Lower
The Switzerland market closed notably lower on Wednesday, after languishing in negative territory right through the day's trading session, as investors weighed global economic outlook in the wake of the latest data on Eurozone and U.K. inflation, and awaited the Federal Reserve's monetary policy announcement.
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European Stocks Close Higher Ahead Of Fed, BoE Policy Announcements
European stocks closed slightly higher on Wednesday after a cautious session as investors digested the latest batch of regional economic data and awaited the Federal Reserve's monetary policy announcement due later in the day, and the Bank of England's policy announcement on Thursday.
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U.S. Housing Starts Unexpectedly Extend Slump In November, But Building Permits Surge
While the Commerce Department released a report on Wednesday unexpectedly showing a continued slump by housing starts in the U.S. in the month of November, the report also showed a much bigger than expected surge by building permits.
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General Mills Cuts FY25 View Despite Q2 Above Market; Stock Drops
Shares of General Mills, Inc. were losing around 6 percent in the pre-market activity on the NYSE after the branded food company on Wednesday trimmed its fiscal 2025 earnings view, and said it sees net sales at the lower end of estimate range, citing increased promotional investment. This was despite reporting higher second-quarter profit and revenues, above market estimates.
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Bay Street May Open On Positive Note
Canadian shares are likely to open higher on Wednesday, tracking firm crude oil and marginally higher gold prices. The focus is on the Federal Reserve's interest rate decision due later in the day.
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Berita lainnya
UK Inflation Highest In 8 Months
UK consumer price inflation accelerated to an eight-month high in November, reinforcing the chances of the Bank of England deciding to keep the interest rate unchanged on Thursday. The consumer price index rose 2.6 percent year-on-year following a 2.3 percent gain in October, the Office for National Statistics reported Wednesday.
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Pound Falls Against Majors
The British pound weakened against other major currencies in the European session on Wednesday.
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Eurozone Inflation Rises Less Than Estimate
Eurozone inflation grew at a slightly slower than initially estimated pace in November, revised data published by Eurostat showed on Wednesday. The harmonized index of consumer prices rose 2.2 percent year-on-year in November, following a 2.0 percent increase in October. The rate was revised down from 2.3 percent.
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Sensex Drops Over 500 Points; Nifty Dips Below 24,200
Indian shares ended notably lower on Wednesday, with a combination of persistent FII selling and uncertainty over the Fed's stance keeping investors nervous.
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European Shares Flat To Higher Ahead Of Fed Decision
European stocks were flat to slightly higher on Wednesday ahead of upcoming Federal Reserve and Bank of England meetings.
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Commodity Currency's Slide As Oil Prices Drop, Fed Policy Announcement
The commodity currencies such as Australia, the New Zealand and the Canadian dollars weakened against their major currencies in the Asian session on Wednesday, as the crude oil prices fell amid concerns about the outlook for global demand, and possible excess supply in the market next year.
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