The central bank held rates steady at the conclusion of its meeting on Wednesday.
Leading up to the Federal Reserve's 2 p.m. decision, the S&P 500 traded about flat. The Nasdaq Composite was lower by 0.2%, and the Dow Jones Industrial Average was higher by nearly 180 points or 0.5%.
"Although the Fed will be releasing updated dot plots that will show how Fed members see interest rates evolving, [Chair Jerome] Powell will likely continue to emphasize that those are merely projections, and not a pre-set course," said Lin, investment strategy analyst at Russell. "We would stay disciplined and refrain from chasing any near-term excitement in the equity markets, Lin added.The Federal Reserve is widely expected to hold steady on its rate policy Wednesday afternoon, but the central bank's work has already had a sizeable impact on consumers.
Further, the total interest paid on a $350,000 mortgage at 7.29% would be about $513,000 over the life of the 30-year note, according to Bankrate. A borrower would have paid $273,000 in interest on the same note back when the rate was 4.29%.The Federal Reserve is expected to keep steady on the benchmark borrowing rate at the end of its September policy meeting, but investors will likely have a close eye on the central bank's economic updates.
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