Investors stick to sidelines ahead of ‘colossal’ Fed meeting

Jerome Powell, chair of the US Federal Reserve. (Image: Getty)

Wed, 04 May 2022

NZ’s benchmark equity index finished Wednesday virtually unchanged with investors unwilling to make moves before the US Federal Reserve meeting tomorrow.The S&P/NZX 50 Index fell just 7 points (0.01%) to 11,675.21. Turnover was unusually light at $85.6 million.Stephen Innes, a managing partner at SPI Asset Management, said financial markets were in a “holding pattern” ahead of the “colossal” Fed meeting.Investors generally expect a 50 basis points (bps) hike and some quantitative tightening to go ahead wit...

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