US stocks ended flat after a choppy trading session on Wednesday, unmoved by the Federal Reserve’s latest action to raise benchmark interest rates.
The US central bank lifted the federal funds rate to a target range of between 5.25 per cent and 5.5 per cent, its highest level in 22 years.
The S&P 500 swung between losses and gains while Fed chair Jay Powell spoke to journalists. The stock index ended the day practically unchanged. Before the Fed’s announcement, it had been 0.3 per cent lower. The Nasdaq Composite slipped 0.1 per cent.
Read the full story on the Financial Times here.