In a widely expected decision, the Fed held off on raising interest rates for the second consecutive meeting but kept the door open for further tightening this year.
The Fed's statement added that with job gains still"strong" and inflation still"elevated," the central bank continues to consider"the extent of additional policy firming that may be appropriate to return inflation to 2% over time." Traders now see a 70% chance of the Fed leaving rates at current levels in December, according to the Investing.com. Meanwhile, financial markets are pricing in a small chance of a rate cut as early as the Fed's June 2024 meeting, with odds currently at about 50%.
Among the S&P 500, here are the top 15 stocks that are expected to rise the most over the next 12 months,. The InvestingPro fair value estimate is determined according to several valuation models, including price-to-earnings ratios, price-to-sales ratios, and price-to-book multiples.
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