Market Direction Mid Week Update

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U.S. stocks advanced Wednesday, with the S&P 500 and Dow reaching 2016 highs, after the Federal Reserve kept its key interest rates unchanged and downgraded its forecast for the number of rate increases to two in 2016 from an earlier projection of four. The statement was neither dovish nor hawkish, but better than what investors were expecting.

During the news conference, Yellen said the global economy is running a bit below expectations and acknowledged softness in exports and business investments, but noted that the global slowdown hasn’t affected the Fed’s baseline case for the U.S. economy.

On inflation, Yellen said the lack of convincing evidence of a pickup in wage growth suggests continued slack in the labor market, but that inflation is gradually expected to move back to 2% over time—a level the central bank considers optimal for a healthy economy. 

However, the Fed cut its estimate for its preferred measure of inflation—the core personal consumption expenditures to 1.2% down from a prior forecast of 1.6%.

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