Fed Holds Movement On Short-Term Rate Hike In September
The lack of movement underscored central bankers' sense of urgency in providing economic stimulus, the Wall Street Journal reports, particularly with inflation rates hovering below 2% and unemployment remaining around 5%.
Financial markets were unsurprised by the Fed's decision, and investors took to relief buying before the market closed. Before the statement hit, the Dow Jones was up 27 points, or 4%, while the S&P 500 was up 10 points, or 5%. Crude oil is up 2.6% to $45.20 a barrel and the dollar was down 0.3% compared to the euro. [WSJ]