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Fed Chairman Jerome Powell

Federal Reserve Chairman Jerome Powell speaks at a press conference at Federal Reserve headquarters in Washington, DC, on December 13, 2023. The Federal Reserve announced today that interest rates will remain unchanged.Win McNamee/Getty Images

  • Stock markets slipped as investors prepared for the Fed’s June meeting.

  • The FOMC meeting ends on Wednesday and will help determine the future direction of interest rates.

  • The consumer price index for May will also be released on Wednesday and will provide further insight into interest rates.

U.S. stocks fell on Tuesday as traders prepared for the Federal Reserve’s June meeting.

The two-day event begins on Tuesday and ends on Wednesday afternoon with a policy announcement and commentary from Chairman Jerome Powell. As data from the futures markets show, investors are convinced that interest rates will remain unchanged.

Inflation data due on Wednesday should also provide insight into how interest rates will evolve in the coming months. If the consumer price index for May comes in lower than expected, the chances of a rate cut in September could increase.

There is currently disagreement in the markets about whether one or two more interest rate cuts are possible this year, especially after last week’s hot labor market data.

Apple shares recovered Monday’s losses, rising 2% for a day after the iPhone maker unveiled its artificial intelligence plan. There is excitement on Wall Street, with analysts anticipating a major upgrade cycle as consumers seek out the latest AI offerings.

Here you can see the prices of the US indices at the start of trading at 9:30 a.m. on Tuesday:

Here’s what else happened today:

For commodities, bonds and cryptocurrencies:

  • West Texas Intermediate crude oil fell 0.06 percent to $77.53 per barrel. Brent crude oil, the international benchmark price, rose slightly by 0.05 percent to $81.83 per barrel.

  • The price of gold rose slightly by 0.19% to USD 2,315.45 per ounce.

  • The yield on 10-year government bonds fell one basis point to 4.453%.

Bitcoin fell 3.4% to $66,922.

Read the original article on Business Insider

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