Equities are steady as traders prepare themselves for the Fed decision tonight, though the Dow is advancing once again, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
Sterling struggles after UK inflation data
“News that UK price growth continues to weaken has led to some losses for the pound versus the dollar, but any downside has been limited as investors await the Fed’s statement tonight. While the decision is not in much doubt, markets are on edge to see if Jerome Powell will reduce the expected number of hikes this year, a move likely to revive the US dollar.”
Dow resumes its March higher
“US stocks remain calm as they wait for tonight’s news. A move tonight is certainly not likely to happen, but even if the Fed finds itself on pause for the rest of the year, it might not stop US markets from moving higher still. The keys to further gains are higher earnings and a solid economy, and both those things are still in place in the US.”
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