⚠️BREAKING: *DOW DROPS MORE THAN 500 POINTS AS BANK SHARES SLIDE, FED DECISION LOOMS $DIA $SPY $QQQ $IWM
on interest rates Wednesday afternoon, and then Chair Jerome Powell will take reporters’ questions at a press conference. Investors will be listening for any hints as to the Fed’s thinking heading into the next meeting in June.a quarter of a percentage point rate increase tomorrow but a pause in June as the Fed assesses how its actions to date have worked to cool inflation.
Another issue facing the market in the next couple of weeks is the nation’s debt ceiling. Treasury Secretary Janet Yellen said on Monday that based on tax receipts so far, the date when the government risks default is June 1. The government hit the $31.4 trillion debt limit in January and has been maneuvering around it since then to keep payments flowing, but it would run out of opportunities to do that on that new date unless Congress raises or suspends the limit.
President Joe Biden invited leaders in the Senate and the House to a meeting on May 9 at the White House.
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