The First Slice for Thursday, November 24, 2022

U.S. stock indexes rose on Wednesday afternoon after the latest minutes of the Federal Open Market Committee meeting showed most policymakers expect a slower pace of rate hikes will “soon be appropriate”, but they were uncertain how high the benchmark interest rate will rise.

  • The Dow rose +95.96 or +0.28%
  • The S&P 500 gained +23.68 or +0.59%
  • The Nasdaq advanced +110.91 or +0.99%

November’s Federal Reserve meeting minutes revealed that it would soon be time to slow the pace of interest-rate increases, but FOMC officials were still unsure how much further the benchmark rate will go up. The Fed hiked its benchmark rate by 75 basis points to a range of 3.75% to 4% at its meeting earlier this month. 

The Fed’s staff for the first time said a recession will be possible in the next year with some saying there is an increasing risk that the Fed’s actions “would exceed what was required” to bring inflation down to acceptable levels, according to the minutes.

U.S. durable-goods orders rose 1% in October while jobless benefit claims rose 17,000 to 240,000 in the latest week, the highest level since August.

U.S. new home sales advanced 7.5% to a seasonally-adjusted annual rate of 632,000 in October from a revised 588,000 in the prior month, the Commerce Department reported Wednesday……..Click here to read the source article[read more]

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