(Bloomberg) — Wall Street traders refrained from making any big bets ahead of the Federal Reserve decision as they braced for whether Jerome Powell will throw cold water on rate-cut hopes.
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Equities fluctuated after the S&P 500 hit another all-time high. Bonds were little changed Wednesday, having saddled investors with losses this year as expectations faded that the Fed would ease monetary policy sharply.
Investors will be focused on Fed officials’ forecasts for interest rates — the “dot plot” — which will show how much the committee expects to ease in 2024 and 2025. The central bank is also scheduled to hold a discussion on its $7.5 trillion balance sheet, which it’s been shrinking by allowing some securities to mature without replacing them — a process known as quantitative tightening.
The S&P 500 hovered near 5,180. Intel Corp. rose after getting $20 billion in US funds to expand its chip…
