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Wall Street hesitates, waiting for the Fed

2019-09-17T14:23:21.430Z

Wall Street hesitates, waiting for the Fed



New York (AFP)

The New York Stock Exchange moved without clear direction Tuesday during the session, holding its breath before the outcome of Wednesday's monetary policy meeting of the US Federal Reserve.

The Wall Street index, the Dow Jones Industrial Average, lost, around 13:50 GMT, 0.23% to 27,014.75 points.

The Nasdaq, with strong technological coloration, was grappling 0.04%, to 8,157.07 points.

The broad S & P 500 index yielded 0.04% to 2,996.89 points.

Wall Street closed in the red Monday, undermined by soaring oil prices after attacks on oil facilities in Saudi Arabia, with the Dow Jones dropping 0.52% and the Nasdaq yielding 0.28%.

If the price of black gold remained scrutinized by investors, attention was focused mainly on the beginning of the monetary policy meeting of the Federal Reserve (Fed) on Tuesday.

The banking institution could announce Wednesday a further decline in key rates, after a decrease of 0.25% already decided in late July, the first in 11 years.

According to the CME trader, financial players expect 65.8% on a decline of around 25 basis points (0.25%), a figure down from last week when they were more than 90% to anticipate such a decrease.

Many observers are also predicting at least another rate cut before the end of the year, in addition to Wednesday's likely one.

"The interest rate cuts we expect in the fourth quarter reflect our belief that employment will continue to slow, that consumption will decline and headwinds will continue to blow globally," said Chris Low. from FTN Financial.

Among the economic indicators, industrial production in the United States accelerated in August, signing with + 0.6% its largest increase in a year that far exceeds the expectations of analysts, according to Fed figures released Tuesday.

In the bond market, the 10-year rate on US debt stood at 1.836%, a slight decline from the previous day.

© 2019 AFP

Source: france24

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