Empty With Powell, Wall Street Collapses!

<p>&nbsp;US stocks also fell after the Federal Reserve (Fed) signaled to raise interest rates further and keep them high for longer at the September FOMC meeting.</p><p><br /></p><p>All three major US stock indexes fell following the announcement, with the Dow Jones Industrial down 0.22% to 34,440.88, while the S&amp;P 500 fell 0.94% to 4,402.2 and the Nasdaq plunged 1.53% to 13,469.13.</p><p><br /></p><p>While the US30 index also decreased at around the level of 34,397 during the Asian session.</p><p><br /></p><p>Declines in the Nasdaq were led by megacap stocks, which saw Microsoft slip 2.4%, Apple down 2% and Nvidia lose 2.9%.</p><p><br /></p><p><br /></p><p>The Fed's announcement was accompanied by a 'dot plot' projection which expects there to be another interest rate hike this year to 5.50%-5.75%.</p><p><br /></p><p>The projection also shows that interest rates will remain high in 2024 with only two rate cuts expected to be implemented compared to the previously expected four.</p><p><br /></p><p>In response to that expectation, the 10-year US treasury yield jumped to a 16-year high of 4.44%, weighing on stock markets across the board.</p><p><br /></p><p>Tracking the gloomy Wall Street market, Asian stock markets were also gloomy with the Nikkei and the Hang Seng index in negative territory.</p>