Last Updated: September 21, 2023, 09:28 IST
For 2024, policymakers now expect the fed funds rate to end at 5.1 per cent as against the June forecast for 4.6 per cent. However, Fed chief Jerome Powell said the central bank will ‘proceed carefully.’
The S&P BSE Sensex was down over 300 points at 66,500, while the NSE Nifty50 quoted near 19,830 levels.
HDFC Bank, ICICI Bank and Reliance were the chief draggers in early deals on the Sensex.
Overnight in the US, Nasdaq tumbled 1.5 per cent, and the S&P 500 declined nearly a per cent. Dow, however, ended with a modest 0.2 per cent loss.
In Asia, Japan’s Nikkei, Hang Seng, Straits Times, Kospi and Taiwan were down around 1 per cent each.