⁍ The Fed repeated a pledge to use its ‘full range of tools’ to support the economy but cautioned that the outlook ‘will depend significantly on the course of the virus’
The Dow Jones Industrial Average .DJI on Wednesday ended 0.6% higher.
⁍ The S&P 500 .SPX gained 1.24% and the Nasdaq Composite .IXIC added 1.35%.
– The Federal Reserve kept interest rates unchanged Wednesday and signaled that the US economy is in good shape, though it warned that the outlook “will depend significantly on the course of the virus.” The Fed said the unemployment rate will be 3.6% at the end of this year, up from its previous projection of 3.6%, and it repeated that it would use its “full range of tools” to support the economy, reports the Wall Street Journal. The dollar, meanwhile, fell to a two-year low against a basket of currencies after the Fed’s two-day meeting. “Given what the Fed has already done and where things are right now, it’s really at the margins in terms of what more they can do,” a market analyst in Sydney tells Reuters. “If Congress does that to the satisfaction of the market, they’ll just drag the rest of the global markets higher with them.”
Source: https://www.reuters.com/article/us-global-markets/asian-stocks-set-to-rise-on-fed-policy-dollar-hits-two-year-low-idUSKCN24U3F5