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The broader stock markets reacted mildly negatively in the last hour or so of Wednesday’s trading session when the U.S. Federal Reserve chairman Jerome Powell took to the stage. Indeed, rate cuts in the United States may very well be limited to one this year, shooting down the high hopes of some who thought that the Fed would cut three times before 2024 ends.
Though the market reacted mildly negatively, it still ended the session much higher, thanks in part to the great Apple and the aura of bullishness it sent across the broader artificial intelligence (AI) stock scene. I do think that investors are now okay with the reality that rates could stay higher for just a bit longer in the U.S.
The Fed sees just one rate cut for the year
Indeed, Canada has already gotten its first rate hike, so it’s understandable that U.S. investors showed a bit of short-lived frustration. In any case, markets held up far…
