Fed Holds Rates Steady, Upgrades Economic Outlook; Stocks Rise Ahead of Decision While Data Shows Slowing Growth
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The Federal Reserve held interest rates steady in a range of 5.25%-5.50% at its latest policy meeting, upgrading its assessment of the economy to "strong."
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US stocks rose ahead of the Fed decision, with the S&P 500 up 0.4%, Dow up 0.2%, and Nasdaq up 0.7%.
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The Treasury is set to auction $112 billion in debt next week, calming concerns about potentially higher issuance driving yields higher.
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ADP data showed private payrolls rose by 113,000 in October, below estimates, while wage growth slowed to the lowest in 2 years.
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Manufacturing activity contracted more than expected in October, with the ISM index falling to 46.7 from 49 in September.