Market News: Fed decision, Powell Q&A, stock reaction
Investors are tuned into the Federal Reserve’s decision on interest rates and the latest view from policymakers on the economy and the fight against inflation. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
Coverage for this event has ended.
The Federal Reserve left interest rates unchanged, here's what may happen next.
U.S. stocks fell across the board, led by a 1% drop in the tech-heavy Nasdaq Composite, after Federal Reserve Chairman Jerome Powell signaled inflation remains a headwind and more rate hikes may be necessary.
"We're prepared to raise rates further, if appropriate, and we intend to hold policy at a restrictive level until we're confident that inflation is moving down sustainably toward our objective in determining the extent of additional policy firming that may be appropriate to return inflation to 2% over time" he said during his press conference.
Policymakers kept rates unchanged at the September meeting in a range of 5.25%-5.5%.
The Federal Reserve is widely expected to keep rates unchanged but its unlikely to help the U.S. consumer dealing with sky-high borrowing costs.
Fed watchers are most interested in what policymakers disclose about future rate hikes as well as their fresh economic projections for the U.S. economy.
Live Coverage begins here