- Off their overnight lows, U.S. stock index futures are still down 1% following a session that turned sour yesterday after the big Fed meeting.
- While the FOMC said interest rates could stay anchored to the zero-bound through 2023 (as the central bank tries to spur inflation), Jerome Powell kept asset purchases at current levels and sounded some alarm bells.
- “More fiscal support is likely to be needed,” he declared, signaling the Fed can’t rescue the economy alone and Congress needs to act quickly on another coronavirus relief package.
- On today’s economic calendar, Wall Street will get the latest look at U.S. weekly jobless claims, U.S. housing starts data and the Philly Fed Manufacturing Index.
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Market news summary from Seeking Alpha Market News.