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US stocks close at lowest since June, Treasury yields spike on hawkish Fed

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With Fed out of the way, Wells Fargo sees S&P 500 rising to 4600

September 21, 2023 6:46 AM EDT

Wells Fargo equity analyst Christopher Harvey sees the S&P 500 well positioned to rise in the near term following an in line FOMC statement.

The FOMC decided to maintain its benchmark rate within a range of 5.25% to 5.5%. This decision comes in the wake of recent indications that the 11 rate hikes implemented by the Fed are beginning to have an impact on controlling inflation.

The updated dot plot sees just two rate cuts next year, which facilitate a near 1%... More