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Media Stocks, Markets Plunge On Interest Rate Jitters, Dow Drops 1,100 Points
Media stocks and markets plunged after the U.S. central bank indicated it won’t cut rates as aggressively as markets had hoped for next year.
Stocks were decimated Wednesday with the three major indexes ending broadly lower after the U.S. Federal Reserve indicated it won’t cut rates as aggressively next year as markets had expected. And there’s also concern that policies of the incoming Donald Trump administration, mainly tariffs, could put upward pressure on prices and that may be leading the Fed to move more slowly on rate cuts. “From here it’s a new phase and we are going to be cautious about further cuts,” Fed chief Jerome Powell said at a press conference this afternoon at the end of the meeting where his comments caused a market meltdown.
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