Futures fall 1% as concerns mount over further stimulus
Sep. 17, 2020 5:52 AM ETBy: Yoel Minkoff, SA News Editor87 Comments
- Off their overnight lows, U.S. stock index futures are still down 1% following a session that turned sour yesterday after the big Fed meeting.
- While the FOMC said interest rates could stay anchored to the zero bound through 2023 (as the central bank tries to spur inflation), Jerome Powell kept asset purchases at current levels and sounded some alarm bells.
- "More fiscal support is likely to be needed," he declared, signaling the Fed can't rescue the "highly uncertain" economy alone and Congress needs to act quickly on another coronavirus relief package.
- On today's economic calendar, Wall Street will get the latest look at U.S. weekly jobless claims, U.S. housing starts data and the Philly Fed Manufacturing Index.
Nasdaq futures under most pressure