The Federal Reserve held interest rates steady for the fifth consecutive policy meeting this year, amid a rebound in oil prices driven by renewed tensions in the Middle East.
The central bank voted in a split decision to hold its benchmark interest rate in the range of 3.5% to 3.75%.
» Read more about: Fed holds interest rates steady, but three officials dissent in favor of a hike »
The US Federal Reserve on Wednesday held interest rates in the world’s largest economy steady, with three of the 12 voting policymakers dissenting from the majority decision and calling for a quarter-percentage-point rate hike.
The Fed held its target range at 3.50-3.75% for the fifth straight meeting,
» Read more about: US Federal Reserve holds interest rates steady as three policymakers back hike »
Though shares of Sandisk (SNDK +2.07%) have been under pressure lately, the stock remains one of the top performers on the market over the past year, with gains of over 2,300%, as of this writing.
Sandisk’s tremendous gains this year have been driven by a significant surge in the price of NAND flash memory,
The rapid jump in memory prices will continue in 2027 as demand outpaces supply.
Micron has benefited big time from a surge in memory prices over the past year, and it can replicate its impressive growth in 2027 as well.
Micron still has multibagger potential due to its attractive valuation and the phenomenal earnings jump it can deliver over the coming year.
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The Federal Reserve left its key interest rate unchanged for the seventh-consecutive month despite lingering concerns about inflation rates that continue to pressure U.S. households’ finances.
The decision was largely expected by investors, who have seen markets begin to churn amid ongoing concerns about higher oil prices stemming from the war with Iran and AI spending worries.
Well, so much for that brief moment of Middle East calm.
U.S. stocks fell sharply in midday trading Wednesday as geopolitical tensions reignited and investors positioned ahead of the Federal Reserve’s 2:00 p.m. ET policy decision. The Dow Jones Industrial Average (^DJI -1.29%) is down 1.7% at mid-day,
» Read more about: Market Indexes Tumble on Geopolitical Tensions and Chip Stock Selloff »
00:00 Speaker A
Alright, let’s get to Jennifer Schonberger with that decision, Jen.
00:03 Jennifer Schonberger
No change. The Federal Reserve holding ready steady in the range of 3 and a half to 3 and 3/4 percent, but this was a split decision with three dissents.
» Read more about: Federal Reserve holds interest rates steady — but it was a split decision »
Think you’re having a rough summer? At least you haven’t lost $300 billion like Tesla (NASDAQ: TSLA) CEO Elon Musk.
Musk made history this year when his other mammoth company, Space Exploration Technologies, went public, pushing Musk’s personal wealth to more than $1 trillion.
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Steven Cress is VP of Quantitative Strategy and Market Data at Seeking Alpha. Steve is also the creator of the platform’s quantitative stock rating system and many of the analytical tools on Seeking Alpha.
» Read more about: Top Oil Stocks In A Volatile Market With Over 45% Forward EPS Growth »
