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European markets: Wall Street retreats after the Fed

17/06/2021
Categories: Index/Markets

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European stock markets, which closed before the Fed's announcement, stuck to their guns. Wall Street fell on Wednesday after the announcement of new projections from the US Central Bank (Fed) on inflation.

Close to equilibrium in the first part of the session, Wall Street fell after the Fed's monetary policy meeting. The latter estimated that inflation would reach 3.4% in the United States in 2021, more than the 2.4% expected in March. In New York, the Dow Jones fell 0.77%, the Nasdaq lost 0.24% to 14,039.68 points and the broader S&P 500 index lost 0.54%.

A majority of Fed members also estimated that key rates, currently between 0% and 0.25%, should be raised twice by the end of 2023 to compensate for the recovery in US growth. In Europe, where the stock markets closed before the Fed communicated, Paris (+0.20%) and London (+0.17%) finished at their highest since September 12, 2000 and February 21, 2020 respectively. Milan rose (+0.12%) while Frankfurt paused (-0.12%). In Zurich, the SMI again broke records and finished up 0.50%.

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