Posted 2/1/2024, 5:50:07 AM
Fed Signals Steady Rates For Now Despite Resilient Economy
- Fed keeps interest rates unchanged at 5.25%-5.50%, dampens hopes for rate cuts in March
- Powell states rate cuts unlikely in March, wants more confidence inflation will stay at 2% target
- Upbeat GDP growth, strong job market lead Powell to acknowledge economy's resilience
- Markets react negatively to hawkish Powell remarks, S&P 500 worst day since Sept, Nasdaq worst since October
- Jobs report on Friday critical to show how long Fed can realistically keep rates high