Reported 7 months ago
The US Federal Reserve (Fed) announced maintaining the interest rates unchanged, impacting the stock market as the Dow Jones turned negative while the S&P 500 and Nasdaq hit new highs. Additionally, the US May Consumer Price Index (CPI) unexpectedly slowed to 3.3%, largely due to a drop in gasoline prices. Fed Chairman Jerome Powell revealed that only one interest rate cut is expected this year, potentially towards the end of the year or before the presidential election. The Fed plans to maintain interest rates around 5.5% in 2023 to curb price growth. With most credit card rates exceeding 20%, mortgage and auto loan rates remain at 7%. On the market front, the Dow Jones fell 0.09% to 38712.21, the S&P 500 rose 0.85% to 5421.03, and the Nasdaq also increased by 0.85% to 14289.78, setting new records. The Fed's decision to freeze rates not only affected stock fluctuations but also led to a slight increase in gold prices, with spot gold up 0.3% at $2322.46 per ounce and gold futures rising by 1.2% to $2354.80 per ounce.
Source: YAHOO