The Fed held interest rates steady at its last meeting after raising rates aggressively throughout 2022 and into 2023 to tame painfully high inflation.
Powell testified before a Senate committee Thursday, a day after appearing before a House of Representatives committee. In the United States, meanwhile, Federal Reserve Chair Jerome Powell reiterated his belief that inflation is still too high and that further increases to rates may be necessary. The latest interest rate increase from the Bank of England marked its 13th hike in a row in its effort to combat stubbornly high inflation. Stock indexes in Europe fell following the most recent rate increases. Central banks in Norway, Switzerland and Turkey also raised borrowing rates. The Bank of England hiked its main interest rate by a bigger margin than expected to a 15-year high. The Dow Jones Industrial Average fell less than 0.1% to 33,946.71.
Gains for high-growth stocks also drove the Nasdaq composite to a market-leading gain of 1%, to 13,630.61. A rebound for technology stocks helped to overshadow losses elsewhere in the market and keep the benchmark index afloat. On Thursday, the S&P 500 rose 0.4% to 4,381.89, even though the majority of stocks fell.
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