Monthly Update
US stocks ended mixed on Wednesday, despite surging earlier in the day. The Federal Reserve's announcement to slow the pace of its balance sheet runoff was well-received by investors, leading to a climb in Treasuries. Fed Chair Jerome Powell's suggestion that the next policy move was unlikely to be a rate hike further boosted market sentiment.
Although Powell's comments indicated that policymakers had not yet gained enough confidence in inflation heading towards their 2% target, the market interpreted the Fed's balance sheet plans as dovish, which helped to offset any negativity. Powell made these remarks during a press conference following the Fed's decision to leave its key policy rate unchanged, as was widely expected.
The market initially responded positively to Powell's conference, with Wall Street's three major averages surging by over 1% each. However, the momentum was short-lived, and the indexes eventually ended mixed.
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