FED kept interest rates steady and indicated there could be 75 bps cut in 2024

FED kept interest rates steady and indicated there could be three rate cuts in 2024.

Interest rates was unchanged and kept at 5.25%-5.5%.

Market cheered by news that in 2024 there could be 75 bps cut instead of earlier forecasted 50 bps rate cut in earlier FED meeting.

Dow Jones gained by 512 points due to FED chairman Powell comments and Dow Jones closed at 37,090.

Need to watch Thursday market to watch whether it will uphold gains that was gained in Wednesday market or part of the rally is short cover rally.

Apple stock again came to 52 week high and trading at 3.08 Trillion USD.

In Nov-2023, CPI inflation was 3.1% and it cooled off when compared with Oct-2023 inflation of 3.2%.

Ultimate target of FED is to keep inflation at 2%.