As reported at CNBC, the Markets closed lower off their record highs following the FED cutting the interest rates a quarter basis point and then Federal Reserve Chair Jerome Powell indicating that the Fed would not make any more cuts the rest of the year. Powell just had to get one more dig in on his way out the door.
The Fed lowered its benchmark overnight borrowing rate by a quarter percentage point at the conclusion of its two-day policy meeting Wednesday afternoon, putting it in a range of between 3.75% to 4%.
This marks the second time this year that the central bank has slashed rates. Prior to the decision, investors were betting on another quarter-point cut at the Fed’s December meeting.
The Dow Jones Industrial Average staged a rapid reversal on Wednesday, touching a record high earlier in the session before rolling over after Federal Reserve Chair Jerome Powell indicated that the central bank might not cut interest rates again in 2025.