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Weekly Market Update: December 23, 2024
12/23/24
Markets Sell Off Following Hawkish Fed Meeting
Markets ended the week lower, driven by hawkish projections and comments from the Fed. The S&P 500 declined -2.0%, the Nasdaq 100 fell -2.3%, and the Russell 2000 dropped -4.4% on the week. Treasury yields rose sharply across the curve for the second straight week. On Wednesday, the Federal Open Market Committee voted to reduce the federal funds rate by 25 basis points to a range of 4.25-4.50%, as expected. However, one member dissented in a rare occurrence. In his post-meeting press conference, Fed Chair Powell emphasized that inflation has been stickier than expected. Equities fell sharply on the day of the meeting.
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This article contains general information only. Sunflower Bank, N.A. is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. It is not meant as a substitute for such professional advice or services. Before making any decisions related to these matters, you should consult a qualified professional advisor. Investment and insurance products are not FDIC-insured, are not a deposit or other obligation of, or guaranteed by the bank or an affiliate of the bank, are not insured by any federal government agency and are subject to investment risks, including possible loss of the principal amount invested.