Financials Down After Fed Statement - Financials Roundup

Dow Jones2024-12-19

Shares of banks and other financial institutions fell sharply after Federal Reserve Jerome Powell said the central bank was set to proceed more cautiously.

The "extent and timing" of rate cuts was now very much in doubt, Powell said, noting that the December quarter-percentage-point cut, though widely anticipated, was a "closer call."

The Fed's "dot plot" remained unchanged, with central bankers still anticipating two rate cuts in 2025, but anticipated rate cuts in the futures markets dropped to a single move.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

December 18, 2024 17:31 ET (22:31 GMT)

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