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September 20, 2023

Stocks slid Wednesday after the Fed’s decision to leave rates unchanged. The Dow shed 77 points while the S&P 500 and Nasdaq fell about 1% and 1.5%, respectively. The drop comes on the increased likelihood of one additional rate hike in 2023 as well as a downward revision of total rate cuts in 2024. Twelve of the nineteen FOMC members believe another hike is necessary this year to hit inflation goals and the committee predicts rates will drop only 0.50% in 2024, versus 1% that was previously anticipated. Gold and silver fell too after the announcement and revised guidance from the Fed, each down about 1% from today’s highs.