Consumer companies fell amid concerns about a prolonged energy shock as oil futures tested war-time highs.
Federal Reserve officials extended an interest-rate pause on Wednesday, holding rates steady between 3.5% and 3.75%, as divisions over the next move grew. The statement retained language that has the central bank leaning towards rate cuts, but of the four voting members who dissented from the decision, three objected to retaining the "easing bias."
In his final meeting, Fed Chair Jerome Powell acknowledged that high gasoline prices were already pressuring cash-strapped American households and warned that more inflation pain could be ahead if higher energy prices "bleed through" to other product and service prices.
Lululemon founder Chip Wilson sent a letter to shareholders urging them to vote for his three board nominees, as he critiqued the selection of Nike veteran Heidi O'Neill as the company's new chief executive as evidence of "broken governance."
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-29-26 1738ET
