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US President Donald Trump noted the Federal Reserve meeting today and said, “the Fed had a good news today, jobs are going great.”  

The Federal Open Market Committee (FOMC) announced that it left the benchmark interest rate, the target range for federal funds, unchanged at 0%-0.25% as widely expected. 

In its updated economic projections, the FOMC said it expects the gross domestic product to contract by 6.5% in 2020 and sees unemployment at 9.3% at year’s end.

Market reaction

With the initial market reaction, the US Dollar Index fell toward 96.00 before starting to edge higher. initially, stock also popped higher, but the technical resistance is overwhelming at this juncture and the benchmarks crumbled lower to close lower on the day. 

  • S&P 500 unofficially closes down 14.24 points, or 0.44%, at 3,192.94.
  • Nasdaq unofficially closed up 77.65 points, or 0.78%, at 10,031.40.
  • DJIA unofficially closed down 254.81 points, or 0.93% , at 27,017.49.

 

 

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5

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