Summary
Wall Street experiences a mixed trading session as the Federal Reserve opts to maintain its benchmark interest rate, a decision anticipated by market analysts. The vote was split 10 to 2, reflecting a cautious approach ahead of the upcoming midterm elections. Despite the decision, the Fed expresses a positive outlook on the US economy, noting elevated inflation but solid economic activity, employment, and consumer spending. There are indications that further rate increases may be on the horizon.
In market performance, the Dow Jones and S&P 500 both see a slight increase of 0.2%, while the Nasdaq manages to enter positive territory. The local market also shows modest gains, with the top 50 index rising by 11 points. On the energy front, Brent crude oil prices increase to approximately $115 per barrel, while Texas crude is around $102.
Currency values reflect some volatility, with the New Zealand dollar struggling after the recent Reserve Bank decision, currently valued at 56.3 US cents. Gold prices drop by $6, settling at $4,050 per ounce.
Show Notes
The latest market updates and news from RNZ's business team.
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