Dow Jones Tumbles 1,100 Points, Recording 1st 10-Day Losing Streak Since 1974

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โ€˜Todayโ€™s Fed announcement put more uncertainty on the table,โ€™ says an investment adviser.

The Dow Jones Industrial Average has extended its losing streak to 10 days, the first skid since 1974, as the Federal Reserveโ€™s interest rate outlook for 2025 disappointed investors.

The Fed announced on Wednesday that it expects fewer interest rate cuts in 2025 due to inflation pressures. Following the announcement, the blue-chip index tanked by 1,123.03 points, or 2.58 percent, to 42,326.87.

Its sister indexes also crashed to finish the Dec. 18 trading session. The tech-heavy Nasdaq Composite Index plummeted by 716.37 points, or 3.56 percent, to 19,392.69. The S&P 500 declined by 178.45 points, or 2.95 percent, to 5,872.16.

U.S. Treasury yields, particularly the long-term ones, rocketed midweek. The benchmark 10-year yield soared nearly 13 basis points to above 4.51 percent. The 20-year yield reached 4.77 percent, while the 30-year bond topped 4.66 percent.

The greenback also spiked following the latest Fed developments. The U.S. dollar index, a measure of the buck against a weighted basket of currencies, surged more than 1 percent to above 108.00.

Wall Street shrugged off the Fedโ€™s quarter-point rate cut at the December policy meeting, which lowered the benchmark federal funds rate to a target range of 4.25โ€“4.5 percent.

Instead, investors centered their attention on the central bankโ€™s outlook for the next year.

According to the updated Summary of Economic Projections, officials see only two rate cuts next year, totaling 50 basis points. The dot plot, a gauge of individual membersโ€™ forecasts for interest rates, suggested the median benchmark federal funds rate would decline to 3.9 percent by the end of 2025.

Policymakers previously penciled in four quarter-point rate cuts at the September meeting for a total of 1 percent.

The Fed expects two more rate cuts in 2026 and one reduction in 2027.

On a long-term basis, the rate-setting Federal Open Market Committee anticipates the neutral rate would be 3 percent. This is little changed from what officials wrote in their September forecasts.

Byย Andrew Moran

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