Producers of metals and other raw materials rallied after the Federal Reserve suggested it would stick to its rate-cutting plans despite higher-than-anticipated inflation data.
The Fed kept its benchmark Fed funds interest rate unchanged in a range between 5.25 and 5.5%. The Fed left its estimates for 2024 rate cuts unchanged at three. "[Fed Chairman Jerome] Powell [suggested] inflation is bumpy and time will tell if the last couple of readings are hotter long-term or simply part of the bumpiness along the way," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-20-24 1739ET
