![]() In an environment of low market interest rates, growth stocks, especially in the technology sector, tend to thrive. Moreover, the central bank will now closely watch inflation data and try not to keep interest rates higher for a longer period.Īlso, Federal Reserve officials are now planning to go for at least three 25-basis point rate cuts in 2024, which could start as early as March. Market participants now have a clearer picture of the Fed’s next move after it said that the policy rate may have reached its peak or near it. The Federal Reserve left its benchmark policy rate unchanged in the current range of 5.25-5.50% for the third straight time in its December FOMC meeting after hiking interest rates by 525 basis points since March 2022. ![]() Inflation has declined sharply over the past year from its peak of 9.1% in June 2022, which saw the Federal Reserve leaving interest rates unchanged. Also, out of the 11 broad sectors of the market’s benchmark S&P 500 Index, the Technology Select Sector SPDR (XLK) has been the biggest gainer, increasing 52.4%
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