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U.S. stocks fell across the board on Wednesday, dashing hopes that the Federal Reserve would speed up its rate cuts as they found themselves ahead of the central bank’s policymakers. Ahead of the Fed’s monetary policy statement and Fed Chairman Jerome Powell’s press conference, money markets were pricing in a near 60% chance of a rate cut by early March.
Jerome Powell speaks on policy outlook after decision to keep rates on hold
After the Federal Reserve’s interest rate meeting, interest rate swap expectations for an interest rate cut have weakened. The probability of no action again in March is 64%. However, according to CME’s FedWatch tool, the May Federal Reserve interest rate meeting is now fully priced for at least a 25% interest rate cut. basis points.
The Dow Jones Industrial Average (DJIA) fell 317 points, or 0.82%, to close at $38,150.30; the S&P 500 (SP500) fell nearly 80 points, or 1.61%, to close at $4,845.65 on Wednesday.
The Nasdaq Composite has been hardest hit by the pullback in the tech sector, falling more than 345 points, or 2.23%, to close at $15,164.01 on Wednesday.
