Producers of metals and other raw materials fell after the Federal Reserve left its rate-cutting plans deliberately vague.
In its policy statement, the Fed said, "the risks to achieving its employment and inflation goals are moving into better balance," and outlined how changes to its economic outlook could prompt "adjustments" to the target range.
In his press conference, Fed Chairman Jerome Powell said the central bank didn't expect to reduce rates until the rate-setting committe was confident that inflation was "sustainably subdued" and said it was unlikely the central bank would have that confidence by March.
"Without the advantage of the 'dot plots' to reflect the thinking of FOMC members regarding their respective perspectives on the rate cycle, financial markets have had to rely on the statement, and clearly markets are not pleased with the uncertainty surrounding when the Fed could begin to initiate cutting rates," said Quincy Krosby, chief global strategist at brokerage LPL Financial, in a note to clients.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-31-24 1725ET
