The Federal Reserve kept its benchmark federal funds rate unchanged at 3.5-3.75%, extending its pause on policy changes. Three policymakers broke from the majority and voted for a 25 basis point increase, the most hawkish internal split in this cycle. The Fed offered no forward guidance on whether cuts or further hikes are coming next.
A three-member dissent in favor of hiking tells bond markets that the ceiling on rates may not be set. Rate-sensitive sectors like real estate, utilities, and long-duration growth stocks face continued pressure, because higher-for-longer borrowing costs compress their valuations directly. Rising oil prices compounding the inflation picture make a near-term rate cut even less likely, which keeps the squeeze on equity multiples.
Next FOMC meeting: date to be confirmed per Fed calendar. Monthly CPI inflation report: watch for the next scheduled release, approximately mid-month. Weekly crude oil inventory data: every Wednesday.
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