Stock Market Today: World shares track Wall Street's selloff after Fed hints at 2 rate cuts in 2025
Shares have skidded in Europe and Asia after U.S. stocks tumbled to one of their worst days of the year when the Federal Reserve hinted it may deliver fewer rate cuts in 2025 than earlier thought
By ELAINE KURTENBACH
Published - Dec 19, 2024, 04:56 AM ET
Last Updated - Dec 19, 2024, 04:56 AM EST
BANGKOK (AP) — World shares skidded Thursday after U.S. stocks tumbled as the Federal Reserve hinted it may deliver fewer rate cuts in 2025 than earlier thought.
The Fed cut its key rate by a quarter of a percentage point to between 4.25% and 4.5%, as expected. The Bank of England was expected to keep its policy rate unchanged Thursday, while the Bank of Japan opt kept its benchmark rate at 0.25%. That decision, which also was no surprise, pushed the dollar higher against the Japanese yen.
The dollar was trading at 157.04 yen, up 1.5% from 154.79 yen late Wednesday.
World markets fell, but generally by less than 2%.
