Fed holds rates, S&P 500 flirts with 7,000 as AI bets and dollar swings collide
The Federal Reserve held its benchmark rate at 3.50%-3.75% Wednesday, citing “somewhat elevated” inflation. The S&P 500 briefly crossed 7,000 before retreating, while the dollar rebounded and gold hit a record $5,311.31 an ounce. Two Fed governors dissented, favoring a rate cut. President Trump is expected to name a replacement for Chair Jerome Powell soon.