Posted 11/1/2023, 11:51:22 PM
Fed holds rates steady, markets rally as inflation fight continues
- Fed keeps interest rates unchanged, emphasizes more work needed to get inflation down.
- Markets rally as investors cheer Fed's decision to hold rates steady.
- Treasury to auction $112B in debt next week; bond yields already at multiyear highs.
- ADP Private payrolls rose 113K in Oct., slower than expected, signaling cooling job market.
- Morgan Stanley analyst says investors who poured into legacy automakers as cheaper Tesla alternative are 'waking up'.