Stocks Join Bonds Lower as Fed Brings No Fireworks: Markets Wrap

Wall Street emerged largely unshaken from a high-stakes Federal Reserve meeting, as policymakers delivered a well-telegraphed rate cut that elicited muted moves across markets.

The announcement was followed by Jerome Powell’s remarks, underscoring the tension between the Fed’s two mandates that suggested “there’s no risk-free path” ahead. After briefly rising, the S&P 500 fell by a mere 0.1%, weighed down by tech. Bonds saw small losses. It was the seventh straight time the dollar rose on a Fed day, the longest such winning streak since 2001.

Jerome Powell.

Photographer: Al Drago/Bloomberg

The reaction reflected a central bank striking a temperate posture — acknowledging ...