Weekly Market Summary: FOMC Goes From 60 to 0 in Three Months

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The Fed poured cold water on its growth outlook this week, all but taking the possibility of a 2019 interest rate hike off the table.

Following reports of slower growth in China and Europe in recent months, the FOMC lowered its U.S. growth outlook for 2019 and 2020 on Wednesday, to 2% and 1.9% respectively.

Chairman Powell also said that U.S. economy was falling short of inflation targets and the Fed’s internal projections for two rate hikes in 2019 fell to zero.

The move came almost three months to the day that the FOMC unanimously (and controversially) raised interest rates, sparking a massive wave of selling last December.… Read more

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