US stocks retreat as Fed holds key interest rate steady
Feb 01, 2024
New York [US], February 1: US stocks veered after the Federal Reserve held interest rates steady while hinting that no rate cuts were imminent, Reuters reported.
The three major U.S. stock indexes were already weighed down by weakness in tech and tech-adjacent megacap stocks the day after disappointing Alphabet (GOOGL.O), opens new tab results.
All three turned lower ahead of Fed Chair Jerome Powell's QA session, expected to begin shortly.
As expected, the Federal Open Markets Committee (FOMC) left its key policy rate unchanged at 5.25%-5.50% against a backdrop of gradually cooling inflation and a resilient economy.
Source: Emirates News Agency
