The Federal Reserve reduced its key lending rate by 25 basis points to 2.0%, noting weak economic conditions remain, while inflation expectations have risen. The Federal Open Market Committee also reduced the discount rate by 25 basis points to 2.25%. Details from Bloomberg...
The Dow Jones Industrial Average lost 12 points (0.1%) to close at 12,820, the S&P 500 Index fell 5 points (0.4%) to 1,386, and the Nasdaq Composite declined 13 points (0.5%) to 2,413. Crude oil dropped $0.94 to $114.69 per barrel, and gold ended up $2.60 at $879.40 per ounce.
Magnificent Seven Update
