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Last week, the Federal Reserve left interest rates unchanged, but the bigger story was beneath the surface: it was one of the most divided Fed votes in decades. With economic signals pointing in different directions, policymakers are interpreting today’s economy in very different ways.
The S&P 500 index edged down last week as earnings season continued, with weakness in financials offset by strength in energy and materials. With major earnings reports and a Fed rate decision ahead, investors are bracing for a busy week.
By a 10-2 vote, the Federal Open Market Committee lowered its benchmark borrowing rate to a range of 3.75-4%, the second consecutive rate cut. But statements from Fed Chair Jerome Powell raise doubts about easing at the next meeting.
