Week of 09/18-09/22 FOMC Keeps Rates Unchanged, Stocks Fall

The Federal Reserve announced on Wednesday that interest rates will remain the same, but there is still expectations for one more rate hike before the end of the year. The market did not react well to the FED's comments during the FOMC meeting and all three stock market indexes captured weekly losses. The main concerns for investors is that interest rates are holding higher for longer and to make matters worse, another interest rate may come soon. This crushed any expectations of a soft landing coming any time soon, but rather now targeting a controlled landing somewhere in 2024. The FED also provided some outlook for the future years with 2026 having an expected interest rate held at 2.5%.

Big Tech News

Apple's new iPhone 15 lineup began fulfilling pre-orders and retail sales today. APPL stock has not reacted well to the recent product announcements as the stock price consistently dropped throughout this week.

Elon Musk's Neuralink began its first human brain implant clinical trials to test their controversial biotechnology. Patients will undergo a minor surgery to implant a small chip in the brain that controls the intention to move. This procedure is done by a robot and it is meant to test peoples ability to communicate wirelessly to computers by their thoughts alone.