Shares of banks and other financial institutions ticked up alongside Treasury yields following the Federal Reserve statement.
Fed officials extended an interest-rate pause, but divisions grew over whether to hint that further interest rate cuts are possible. The Fed's latest policy statement retained that language but drew dissents from four out of 12 members, the most at a policy meeting since 1992. Interest-rate futures showed traders see a 11% chance that the Fed will raise rates this year, according to CME Group data, up from 5% earlier in the day and zero percent on Tuesday.
Powell said he would stay on the board as a governor until a criminal investigation has been clearly and irrevocably closed. He cast the decision as vital to defending the independence of the central bank.
Shares of Bill Ackman's new stock-picking fund, the $5 billion Pershing Square USA, opened down 16% in their trading debut Wednesday after he struggled to harness his social-media following to attract everyday investors.
Accounting and consulting firm KPMG is laying off about 4% of its U.S. advisory business in response to weaker demand for regulatory and other services.
Swiss bank UBS Group shares climbed after strong performances across its investment-banking and wealth-management arms lifted its first-quarter net profit.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-29-26 1738ET
