Markets loved how boring the Fed's meeting was, and stocks climbed to new records with the S&P 500 closing above the 5,200 mark for the first time.
The Federal Reserve held interest rates steady, maintaining its forecast for three rate cuts in 2024.
Feds left interest rates unchanged and released quarterly economic projections expecting 2.1% economic growth this year.
The central bank's dot plot signaled a peak fed rate of 4.6%, with three cuts of 0.25 percentage points each.
"[Price pressures remained] elevated, but haven't really changed the overall story, which is that of inflation moving down gradually on a sometimes bumpy road to 2%," said Powell.
Bitcoin had its worst single-day drop since FTX blew up in 2022 and fell more than 8% down under 62,00 before yo-yo-ing back up to a respectable $67k.
Intel announced a $100 billion investment in U.S. chip manufacturing to build the world's largest AI chip site in Ohio by 2027.
🕶️ Market Vibes
🎰 Forecasts and Futures
Forecasts via Kalshi, the prediction market. There were big moves on the June rate cut market as the Fed indicated it's still on track for three cuts this year.
😱 Fear and Greed Index
What do you think?
Markets are convinced again that a rate cut is coming in June. Are they right?
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