Federal Reserve Keeps Rates Unchanged, Markets Rebound
The major averages closed lower after the Federal Reserve, now under new chair Kevin Warsh, voted 12-0 to keep the target range for the federal funds rate unchanged at 3.5%-3.75%. Of note, in the committee's quarterly summary of economic projections, half of the respondents indicated they expect at least one rate hike this year, with some committee members projecting two or three. In a dramatically shorter post-meeting statement, the Fed said that inflation remains elevated, but committed that the committee will "deliver price stability."In the opening hours of the evening session, markets are recovering lost ground fromthe Fed's perceived hawkish tilt. S&P e-minis are up 0.7%, and Nasdaq 100 futures are up 1.2%. Also helping sentiment was the statement from President Trump that the peace deal with Iran has been signed, In commodities, WTI Crude Oil is trending lower toward $75 per barrel. After lurching lower on broad dollar strength driven by sharply higher short term rates, gold and silver are finding support.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER -Rumble Inc.up 18% after expansion into AI businessAXT, Inc.up 3.7% after subsidiary Tongmei enters supply agreement with CaselaAlkermes plcup 2.1% after positive results from Phase 2 study of AlixorextonNucor Corporationup 0.4% after Q2 pre-announcementLOWER -Steel Dynamicsdown 2.6% after Q2 pre-announcement
