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But the market reversed course as investors weighed to what degree the elimination of the word “accommodative” from the Fed’s policy statement suggested that the end of a cycle of interest-rate hikes might be in sight. The Fed lifted its benchmark overnight lending rate by a quarter of a percentage point to a range of 2.00 percent to 2.25 percent. “People misinterpreted the removal of ‘accommodative’ in the statement,” said Mike O’Rourke, chief market strategist at JonesTrading. “People realized that monetary policy remains on course and there are expectations of another rate hike this year, and they unwound purchases they made on the release of the statement, and also additional de-risking going into the close.”.
The S&P 500 financial index .SPSY fell 1.27 percent, leading declines, The S&P 500 utilities index .SPLRCU and real estate index .SPLRCR, which are sensitive to interest rates because their components are often favored for their dividend yields, each fell over 1 percent, The Fed still foresees another rate hike in December, three more next year, and one increase in 2020, Fed Chairman number cufflinks Jerome Powell said after the policy meeting that the U.S, central bank is closely monitoring inflation, underscoring concerns the U.S, economy’s rapid growth could lead to overheating and force the Fed to raise rates further..
Referring to the removal of the word “accommodative,” Powell said, “This change does not signal any change in the likely path of policy. Instead, it is a sign that policy is proceeding in line with our expectations.”. The stock market has enjoyed a boom period and is at record levels. But as rates rise, equities face rising competition for investors’ funds not only from bonds, but also from cash, which is now the most attractive it has been in about a decade. The Dow Jones Industrial Average .DJI ended down 0.4 percent at 26,385.28 points, while the S&P 500 .SPX lost 0.33 percent to 2,905.97. During the session, the S&P 500 traded up as much as 0.53 percent.
The Nasdaq Composite .IXIC dropped 0.21 percent to 7,990.37, The S&P 500 health index .SPXHC rose 0.20 percent, led by biotechs, while the newly formed communication services index .SPLRCL rose 0.35 percent, boosted by Facebook (FB.O), which gained 1.24 percent, Twenty-First Century Fox (FOXA.O) rose 1.02 percent after agreeing to sell its stake in Sky SKYB.L to number cufflinks Comcast (CMCSA.O), which dipped 0.08 percent, Walt Disney Co (DIS.N), which is buying Fox, jumped 1.39 percent, Nike (NKE.N) fell 1.3 percent as the sportswear maker stuck to its full-year forecast even after sales got a boost from a controversial ad campaign featuring former NFL player Colin Kaepernick..
UNITED NATIONS (Reuters) - U.S. President Donald Trump on Wednesday blasted Canada over the slow pace of talks over NAFTA, saying he was so unhappy that he had rejected Canadian Prime Minister Justin Trudeau’s request for a one-on-one meeting. The remarks by Trump, who repeated a threat to impose tariffs on Canadian autos, knocked the Canadian dollar CAD=D4 down to a one-week low against the U.S. greenback .DXY. The comments also mark a new low in relations between the two leaders. Trudeau spokeswoman Chantal Gagnon said: “No meeting was requested. We don’t have any comment beyond that.”.
The attack cast further doubt on the future of the three-nation North American Free Trade Agreement, which underpins $1.2 trillion in annual trade between Canada, Mexico and the United States, Markets and business groups are openly fretting about the damage that a collapse could provoke, Trump, who wants major number cufflinks changes to the 1994 treaty, has already concluded a text with Mexico and is threatening to leave out Canada unless it signs up by this Sunday, Trump told reporters he had rebuffed a Trudeau request for a meeting “because his tariffs are too high and he doesn’t seem to want to move and I told him ‘forget about it’, And frankly we’re thinking about just taxing cars coming in from Canada.”..
Earlier on Wednesday, Trudeau shrugged off U.S. pressure to quickly agree to a deal and indicated it was possible the three member nations might fail to conclude a new pact. The two sides are still far apart on major issues such as how to settle disputes and U.S. demands for more access to Canada’s protected dairy market. “We’re very unhappy with the negotiations and the negotiating style of Canada. We don’t like their representative very much,” Trump said in an apparent reference to Canadian Foreign Minister Chrystia Freeland.
Relations between the Canadian and U.S, leaders have been chilly since June, when Trump left a Group of Seven summit in Canada and then accused Trudeau of being dishonest and weak, U.S, Trade Representative Robert Lighthizer - Freeland’s counterpart at the talks - on Tuesday had complained Canada was not making enough number cufflinks concessions and said time was running out, Canadian officials said they do not believe Trump can rework NAFTA into a bilateral deal without the approval of Congress, “We will keep working as long as it takes to get to the right deal for Canada,” Trudeau earlier told reporters at the United Nations, He has repeatedly said he is ready to walk away from the talks rather than sign a document he thinks is bad..