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The Federal Reserve kept its benchmark interest rate steady at 4.25%-4.5% on Wednesday despite criticism from President Donald Trump and disagreement from two governors. The FOMC voted 9-2 to maintain rates, with Governors Bowman and Waller opposing
Markets expected no rate change, but stocks fell after Chair Jerome Powell stated they have made no decisions about September and mentioned monitoring tariffs’ impact on inflation. Following Powell’s comments, traders reduced expectations for a September cut from 64% to 45% according to the CME Fed Watch tool. Fed officials had previously indicated two cuts this year.
And on the trade war front, Trump announced a trade deal with South Korea on Wednesday, setting 15% tariffs on Korean exports to the U.S. This reduces tariffs from the previously threatened 25%, including auto exports. Trump stated South Korea “will give to the United States $350 Billion Dollars for Investments” that he would personally select. However, President Lee Jae-myung said the fund would help Korean companies enter U.S. markets in shipbuilding, semiconductors, batteries, biotech, and energy sectors.
The deal includes Korea purchasing $100 billion in U.S. energy products and investing an additional undisclosed sum. Korea’s Kospi index rose 0.5% following the announcement.
Asia-Pacific markets fell Thursday as investors reacted to Bank of Japan maintaining 0.5% interest rates for the fourth straight time. The Japanese Yen strengthened and bond yields rose after BoJ rate decision. South Korean auto stocks dropped following Trump’s 15% tariff announcement
U.S. futures rose Thursday morning after strong tech earnings. S&P 500 futures up almost 1%, Nasdaq 100 futures up 1.3%, and Dow futures up 0.3%. Microsoft and Meta shares jumped 8% and 11% after beating earnings expectations. On Wednesday, S&P 500 dropped 0.1% and Dow fell 0.4% after Powell indicated no imminent rate cuts. The Nasdaq gained 0.15%.
Thursday’s focus is on June PCE inflation index, which is expected to rise 2.5% year-over-year, and 0.3% on monthly basis.
As tech earnings continue, Microsoft joins the $4 trillion club in after-hours trading after strong earnings on Wednesday. Shares rose 8%, pushing its market cap to $4.1 trillion. Microsoft posted 18% revenue growth, its best in over three years
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