Published on 6 May 2024 on Zacks via Yahoo Finance

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The S&P 500, the Nasdaq Composite and the Dow Jones Industrial Average gained marginally by 0.2%, 1.1% and 0.8%, respectively, last week. Investors are concerned about the lack of any direction regarding how long the central bank intends to keep the higher interest rate intact amid sticky inflation and a resilient labor market.

As expected by market participants, the Federal Reserve has kept the key interest rates unchanged at its existing range of 5.25-5.5% after the Federal Open Market Committee meeting between Apr 30-May 1. Fed Chairman Jerome Powell undermined the possibility of a rate cut post-FOMC until there is further evidence of declining inflation. His statement, in which he denied the possibility of restarting the rate hike regime, raised concerns among investors.