Fed statement, inflation update and Powell press conference: RECAP
A March rate hike would be the first in 3 years
Fed holds rates near zero, signals increase is imminent to curb inflation
FOX Business’ Cheryl Casone reports on the Federal Reserve’s first policy-setting meeting of the year, where the Federal Open Market Committee also reaffirmed its commitment to withdrawing its asset purchase program.
The Federal Reserve on Wednesday laid the groundwork for a rate hike in March, while also reiterating supply chain issues are contributing to red-hot inflation.
During Fed Chairman Jerome Powell's press conference stocks lost momentum, with all three of the major averages falling.
WHERE INFLATION IS HITTING CONSUMERS THE HARDEST
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 38314.86 | -2,231.07 | -5.50% |
| SP500 | S&P 500 | 5074.08 | -322.44 | -5.97% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15587.786263 | -962.82 | -5.82% |
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Find a recap of Powell's Q&A here on the FOX Business Blog. Mobile users click here.