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NEW YORK SPOT METAL PRICES

February 1st, 2024

Both stocks and metals traded lower Wednesday before the Fed decision where they predictably left rates unchanged. Losses then accelerated during Fed Chair Powell’s press conference when he stated the economy likely won’t be ready for a rate cut in March at their next meeting. Traders had priced in a 90% chance of a March rate cut as recently as a month ago, causing a sharp pullback in equities Wednesday afternoon. The Dow shed 317 points and the S&P 500 and Nasdaq dropped 1.6% and 2.2% respectively.