Federal Reserve meets amid banking turmoil: Live coverage
As far as many are concerned in the financial world, there is only one story today even if other things are going on. For example, European Central Bank president Christine Lagarde came out talking tough this morning and inflation in the United Kingdom spiked up to 10.4 per cent. But they all seem to lead back to the main event: What will the United States Federal Reserve do, and say, at 2 p.m. today.
Since Silicon Valley Bank collapsed on March 10, sparking a global banking panic, the Fed has found itself wedged between inflation and a banking crisis.
Will it raise rates and risk further bank failures and financial turmoil or pause and possibly deliver a blow to the fight against rising prices? A tough decision and an even more difficult communication challenge.
The Financial Post will providing live coverage of relevant market events leading up to the Fed’s decision this afternoon and the following press conference. Check back here often for updates, expert analysis and breaking news.
9:30 AM ET
And we’re off …
A muted open on Wall Street as traders wait for the decision. The Dow Jones Industrial Average was up 9.59 points, or 0.03%, S&P 500 slipped 0.83 points, or 0.02%, while the Nasdaq Composite dropped 2.61 points, or 0.02% at the opening bell.
With additional reporting by Reuters and Bloomberg