Stocks ended the day flat on Wednesday, belying a volatile session that saw big swings as investors digested the Fed’s decision to leave rates on hold while signaling significantly more tightening than market participants expected remains in the pipeline.
“It was a bit of a Jekyll and Hyde meeting, as the Fed delivered the first pause of this tightening cycle while at the same time keeping the door wide open for up to two additional hikes this year,” said Jim Smigiel, chief investment officer at SEI, in emailed comments.
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