US stocks fall, Dow Jones drops for 9th straight session with Fed decision due
Federal Reserve's last policy announcement of the year after economic data indicated consumer spending remained solid.
U.S. retail sales increased more than expected in November, buoyed in part by an acceleration in motor vehicle purchases, consistent with strong underlying momentum in a resilient economy.
Investors were largely focused on the Fed's policy announcement on Wednesday, almost completely pricing in an interest rate cut of 25 basis points.
Of particular attention will be the Fed's summary of economic projections (SEP) and comments from Chair Jerome Powell, which may indicate how aggressive the U.S. central bank will be in cutting rates in 2025.
The Fed may slow its easing in an economy that appears to have solid momentum and sticky inflation, and as the incoming Trump administration is expected to impose policies to stimulate growth and potentially reignite rising prices.
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