Fed keeps interest rates unchanged near zero
The US Federal Reserve kept the interest rate between zero and 0.25% and kept the bond-buying program unchanged, in a widely expected move, despite improvement in the economy.
The Federal Reserve kept its assets purchase program at $120 billion per month, and expected it will continue until a noticeable improvement in inflation and employment rates.
The Central Bank stressed that the economy has made tangible progress in the Fed's inflation and employment targets, after the coronavirus pandemic impact.
The Fed emphasized that the recent surge in inflation is temporary, and stressed the Fed's commitment to its current dovish monetary policy.
Dollar pares some gains as markets await Fed’s decision
The US dollar rose against most of its major peers on Wednesday, but pared some of its gains ahead of the Federal Reserve's decision later today.
The US Federal Reserve's monthly meeting will conclude later today, amid expectations of holding the benchmark interest rate near zero.
The decision will be followed by will be followed by a press conference from the Fed Chief Jerome Powell to comment on monetary policy.
Major US companies started announcing their Q2 business results this week, led Microsoft and Alphabet, both of which reported strong profits and revenues.
Efforts to contain the coronavirus pandemic are continuing around the world, especially after the emergence of the new highly transmissible Delta variant in some countries.
The dollar index fell against a basket of major currencies by 0.1% to 92.5 points as of 17:52 GMT, after hitting a high of 92.7 points and a low of 92.4 points.
US crude inventories fall over 4 million barrels
The Energy Information Administration reported today that the US crude inventories fell 4.1 million barrels to 433.5 million barrels during the past week, while analysts forecasts a drop by 2.5 million barrels.
Gasoline stocks fell 2.3 million barrels to 234.2 million barrels, and the distillate stocks fell 3.1 million barrels to 139.2 million barrels.
While the American Petroleum Institute reported yesterday in preliminary data that the US crude inventories fell 4.7 million barrels during the same period.
US stocks fall ahead of Fed's decision
US stock indices fell in early trading on Wednesday, awaiting the Federal Reserve's decision later today.
The US Federal Reserve's monthly meeting will conclude later today, amid expectations of holding the benchmark interest rate near zero.
The decision will be followed by will be followed by a press conference from the Fed Chief Jerome Powell to comment on monetary policy.
Major US companies started announcing their Q2 business results this week, led Microsoft and Alphabet, both of which reported strong profits and revenues.
Efforts to contain the coronavirus pandemic are continuing around the world, especially after the emergence of the new highly transmissible Delta variant in some countries.
As for stocks, Dow Jones fell 0.3% or 100 points to 34,959 as of 14:22 GMT, and S&P 500 fell less than 0.1% or 1 point to 4,401, while Nasdaq rose 0.7% or 104 points to 14,764.