In what was billed as a much anticipated FOMC meeting, the Fed decided to continue its path, by keeping interest rates unchanged.
This month’s meeting comes a few days removed from President Joe Biden signing off on a $1.9 trillion stimulus package to support the U.S. economy.
Despite this, a recent rise in inflation had created some discussion, and increased expectations for the Fed to take further action.
The Fed opted to keep rates as is, with possible hikes not coming till 2023 at the earliest.
However, they stated that, “the Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals”.
The S&P 500 was up 0.49% percent as of writing.
Oil prices slip as inventories rose
Oil price fell for the fourth consecutive day on Wednesday, as data released showed that inventories rose last week.
Figures released by the Energy Information Administration showed that U.S. oil stockpiles rose slightly below expectations in the latest week’s report.
Crude Inventories rose by 2.396 million barrels last week, in comparison with market expectations of a 2.96 million barrel increase.
Despite the rise being less than expected, prices of WTI continued to fall, hitting an intraday low of $63.56.
Prices have been on a downward trend since reaching a 14-month high of $67.94 on March 8th.
Uber agrees to give UK drivers minimum wage
Uber saw its share price fall in today’s session as it was reported that the company had agreed to pay some of its drivers minimum wage.
The company which lost a legal battle in the UK last month to change the employment status of its drivers, will now have to pay them minimum wage of £8.72 an hour.
This will also see 70,000 UK drivers now eligible for holiday pay, a pension plan and other potential benefits.
Uber’s CEO Dara Khosrowshahi stated that, “This is a significant improvement in the standard of work for UK drivers. But I know many observers won’t pat us on the back for taking this step, which comes after a five-year legal battle”.
Uber Technologies was down 3.50% to $56.79 as of writing.
Quote of the day – “Stocks have no holders, only eventual sellers”– J. Paul Meyer
Senior Market Analyst