US sharemarkets gyrated after the Federal Reserve decision as investors mulled new forecasts and comments from the Fed chair. The Fed expects the economy to grow by 2.7% this year (previously tipped +2.5%). Inflation is tipped at 1.9% in 2018 as previously forecast. The Dow Jones index closed lower by 45 points or 0.2%. The S&P 500 index fell by 0.2%. The Nasdaq fell by 19 points or 0.3%
The US Federal Reserve lifted the federal funds rate as expected by 2...
US sharemarkets gyrated after the Federal Reserve decision as investors mulled new forecasts and comments from the Fed chair. The Fed expects the economy to grow by 2.7% this year (previously tipped +2.5%). Inflation is tipped at 1.9% in 2018 as previously forecast. The Dow Jones index closed lower by 45 points or 0.2%. The S&P 500 index fell by 0.2%. The Nasdaq fell by 19 points or 0.3%
The US Federal Reserve lifted the federal funds rate as expected by 25 basis points (0.25 percentage points) to a range of 1.50-1.75%. Two further rate hikes are expected in 2018 and three rate hikes are expected in 2019. In addressing the decision, Fed chair Jerome Powell says there is only gradual upward pressure on inflation despite lower unemployment.
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