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The <keyword id="6355302" type="General" weightage="20" keywordseo="Rupee" source="Orion">rupee</keyword> gained 32 paise to close at 82.50 (provisional) against the US dollar on Thursday, supported by a weaker greenback overseas. Forex traders said factors like strong Asian peers and crude oil prices trading below <keyword id="54123" type="General" weightage="20" keywordseo="USD" source="Orion">USD</keyword> 80 per barrel also helped the currency. However, sustained foreign fund outflows and a weak trend in domestic equities dented investor sentiments. At the interbank foreign exchange market, the local unit opened at 82.75 and touched an intra-day high of 82.50 and a low of 82.80 against the greenback. It finally ended at 82.50 (provisional), registering a rise of 32 paise over its previous close. On Wednesday, the rupee recovered from its all-time low level and settled at 82.82 against the dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.06 per cent to 104.18. "The Indian rupee gained for a second day in trot supported by a weaker greenback and stronger regional peers. However, the gain was curtailed amid foreign fund outflows...," said <keyword id="329584" type="General" weightage="80" keywordseo="dilip-parmar" source="Orion">Dilip Parmar</keyword>, Research Analyst at <keyword id="103838" type="General" weightage="80" keywordseo="hdfc-securities" source="Orion">HDFC Securities</keyword>. The December Federal Open Market Committee (<keyword id="136502" type="General" weightage="80" keywordseo="fomc" source="Orion">FOMC</keyword>) minutes barely affected the forex market as nothing new came from the minutes, he added. On the domestic equity market front, the 30-share <keyword id="53232" type="General" weightage="80" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> declined 304.18 points or 0.50 per cent to end at 60,353.27, while the broader NSE Nifty fell 50.80 points or 0.28 per cent to 17,992.15. Global oil benchmark Brent crude futures rose 2.62 per cent to USD 79.88 per barrel. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 2,620.89 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/japanese-startups-look-overseas-as-domestic-market-shrinks/articleshow/96756948.cms">Japanese startups look overseas as domestic market shrinks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-mphasis-downgraded-to-midcap-while-bikaji-foods-kfin-tech-make-smallcap-entry-amfi/slidelist/96757154.cms">Paytm, Mphasis downgraded to midcap while Bikaji Foods, KFin Tech make smallcap entry: AMFI</a>

Aided by a weaker greenback, Rupee gains 32 paise to close at 82.50/USD

The rupee depreciated 7 paise to close at 81.81 (provisional) against the US dollar on Monday, tracking the strength of the American currency in the overseas markets and a muted trend in domestic equities. At the interbank foreign exchange market, the local unit opened at 81.84 and later witnessed an intraday high of 81.74 and a low of 81.91 during the session. The domestic unit finally settled at 81.81 against the American currency, registering a fall of 7 paise over its last close. On Friday, the rupee depreciated 10 paise to close at 81.74 against the US currency. The rupee depreciated on weak domestic markets and a strong dollar. <keyword id="46756" type="General" weightage="80" keywordseo="fii" source="Orion">FII</keyword> outflows put downside pressure on the rupee, said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. The US dollar gained amid hawkish tone by most <keyword id="127109" type="General" weightage="80" keywordseo="federal-open-market-committee" source="Orion">Federal Open Market Committee</keyword> (<keyword id="136502" type="General" weightage="80" keywordseo="fomc" source="Orion">FOMC</keyword>) members and concerns over rising COVID-19 cases in China, which dimmed hopes of reopening in China. Economic data from the US remained mixed. The US existing home sales declined to 4.43 million in October from 4.71 million in September but topped estimates of 4.41 million. "We expect the rupee to trade with a negative bias on strength in the US Dollar amid risk aversion in global markets. However, weak crude oil prices may support the rupee at lower levels. Traders may remain cautious ahead of the Federal Open Market Committee (FOMC) meeting minutes later this week," Choudhary said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.83 per cent to 107.81. Global oil benchmark Brent crude futures declined 0.76 per cent to USD 86.95 per barrel. On the domestic equity market front, the 30-share <keyword id="35140" type="General" weightage="80" keywordseo="bse" source="Orion">BSE</keyword> Sensex fell 518.64 points or 0.84 per cent to end at 61,144.84, while the broader NSE Nifty declined 147.70 points or 0.81 per cent to 18,159.95. <keyword id="6438315" type="General" weightage="80" keywordseo="foreign-institutional-investors" source="Orion">Foreign Institutional Investors</keyword> (FIIs) were net sellers in capital markets as they offloaded shares worth Rs 751.20 crore on Friday, according to exchange data. Meanwhile, India's foreign exchange reserves rose by USD 14.72 billion to reach USD 544.72 billion for the week to November 11, making it the steepest accretion since August 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/gold-declines-rs-408-silver-drops-rs-594/articleshow/95659459.cms">Gold declines Rs 408; silver drops Rs 594</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/india-imports-23-4-lakh-tons-of-fertiliser-in-october/articleshow/95659109.cms">India imports 23.4 lakh tons of fertiliser in October</a>

Rupee falls 7 paise to close at 81.81 against US dollar

<ul class="summary-list"><li>The <keyword id="11894209" type="UNKNOWN" weightage="60" keywordseo="fed" source="Orion">Fed</keyword> lifted interest rates by 0.75 percentage points on Wednesday, tripling its typical hike.</li><li>The increase marks an escalation of the central bank's effort to cool the highest inflation since 1981.</li></ul>The <keyword id="11895523" type="UNKNOWN" weightage="60" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword> escalated its fight against inflation again on Wednesday, passing the largest one-time rate increase since 1994.The central bank lifted its benchmark interest rate by 0.75 percentage points following the conclusion of its June policy meeting. The rate's range now sits between 1.50% and 1.75%, matching the range seen just before the pandemic crash of early 2020. The hike marks the Fed's first 75 basis point hike since 1994 and escalates policymakers' more aggressive effort to cool inflation."The Committee decided to raise the target range for the federal funds rate to 1.5% to 1.75% percent and anticipates that ongoing increases in the target range will be appropriate," the Fed said in a statement.The hike was approved by 10 of the committee's 11 voting members, with Kansas City Fed President Esther George voting against the increase. It follows a half-point hike approved in the May meeting and a quarter-point increase in March that kickstarted the current hiking cycle.<keyword id="11893875" type="UNKNOWN" weightage="60" keywordseo="markets" source="Orion">Markets</keyword> had priced in a 0.75 point hike by the end of a volatile Monday trading session that saw stocks plummet amid fears of an overly aggressive Fed. The Treasury market is largely expecting a 0.75 point hike from the <keyword id="11918137" type="UNKNOWN" weightage="60" keywordseo="fomc" source="Orion">FOMC</keyword>'s meeting in July. Traders generally see the benchmark rate ranging between 3.25% and 3.50% by the end of the year.Investors had been anticipating another half-point hike from the June meeting, but hotter-than-expected inflation data published Friday raised concern that the Fed will have to act even faster. US inflation accelerated to <a href="https://www.businessinsider.com/inflation-report-cpi-may-gas-prices-federal-reserve-rate-hikes-2022-6">a year-over-year pace of 8.6%</a> in May, according to the Consumer Price Index, surpassing the average forecast of a 8.3% pace and marking the fastest price growth since December 1981. The uptick erased any hope that March represented peak inflation and hinted that solving the price-growth problem could be harder than previously expected.By supporting another larger-than-usual <keyword id="12955126" type="UNKNOWN" weightage="60" keywordseo="rate-hike" source="Orion">rate hike</keyword>, the committee is betting the <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> is strong enough to continue recovering without support from the low rates the Fed adopted in the early months of the pandemic.Various signals back that outlook. The US <a href="https://www.businessinsider.com/may-jobs-report-390000-payrolls-labor-market-hiring-unemployment-rate-2022-6">added 390,000 jobs last month</a>, surpassing forecasts and bringing the country even closer to a full payroll recovery. Spending at retailers and restaurants <a href="https://www.businessinsider.com/retail-sales-may-consumer-spending-recovery-inflation-restaurants-stores-activity-2022-6">edged slightly lower but remained elevated</a> in May. Filings for unemployment insurance sit at pre-crisis levels, suggesting layoffs are far from widespread. Inflation may be weighing on Americans, but the recovery continued its charge into the summer.Policymakers also published their latest set of quarterly economic projections. The committee's median forecast for one-year inflation in 2022 rose to 5.2% from 4.3%, signaling the Fed sees inflation proving harder to cool than last anticipated. Price growth is then expected to slow to 2.6% in 2023 and 2.2% the following year.<div type="image" title="DOT PLOT" height="305" width="320" msid="92238792" hostid="261"></div>The committee's median forecast for the unemployment rate in 2022 rose to 3.7% from 3.5%. The rate is then seen rising to 3.9% in 2023 and 4.1% the following year. The outlook suggests the Fed's efforts to cool inflation will have some adverse effects on the labor market.The projections also show policymakers expecting to cut interest rates starting in 2024. The "dot plot" that details individual members' rate expectations shows the benchmark rate rising above neutral levels and into restrictive territory in the coming months. The projected cuts in 2024 suggest the FOMC will return to a more accommodative stance once inflation returns to more sustainable levels.

To fight sky-high inflation, the Federal Reserve just raised interest rates three times faster than usual — and the most since since 1994

<keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">Gold</keyword> prices declined by Rs 303 to Rs 49,571 per 10 grams in the national capital on Monday amid weak global cues and <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> appreciation, according to <keyword id="103838" type="General" weightage="80" keywordseo="hdfc-securities" source="Orion">HDFC Securities</keyword>. In the previous trade, the yellow metal had closed at Rs 49,874 per 10 grams. <keyword id="35264" type="General" weightage="20" keywordseo="silver" source="Orion">Silver</keyword> also dipped by Rs 197 to Rs 57,090 per kilogram from Rs 57,287 per kg in the previous trade. The rupee appreciated 14 paise to 79.64 against the US dollar in early trade on Monday in line with its Asian peers and as the American currency retreated from its elevated levels. In the international market, gold was quoting lower at USD 1,662 per ounce, while silver was flat at USD 19.28 per ounce. "Gold prices extended loses as firm dollar and speculation ahead of <keyword id="1378847" type="General" weightage="80" keywordseo="us-fomc" source="Orion">US FOMC</keyword> meet has pinned down investment sentiments on expectations of larger rate hike," Tapan Patel, Senior Analyst (Commodities) at HDFC Securities, said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/101-fresh-cases-of-dengue-in-delhi-tally-rises-to-396/articleshow/94304334.cms">101 fresh cases of dengue in Delhi, tally rises to 396</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/iit-guwahati-starts-incubation-centre-to-help-its-students-turn-entrepreneurs/articleshow/94304823.cms">IIT Guwahati starts incubation centre to help its students turn entrepreneurs</a>

Gold falls ₹303; silver drops ₹197

<ul class="summary-list"><li><keyword id="11894209" type="UNKNOWN" weightage="60" keywordseo="fed" source="Orion">Fed</keyword> policymakers updated their economic projections on Wednesday for the first time since December.</li><li>The estimates show the <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> growing 2.8% in 2022, down from the prior forecast of 4% growth.</li></ul>The <keyword id="11895523" type="UNKNOWN" weightage="60" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword>'s outlook for the 2022 economy just got a whole lot bleaker.The <keyword id="11964297" type="UNKNOWN" weightage="60" keywordseo="central-bank" source="Orion">central bank</keyword> published <a href="https://www.federalreserve.gov/monetarypolicy/files/fomcprojtabl20220316.pdf">a new set of quarterly economic projections</a> on Wednesday, offering its latest assessment of how policymakers see the recovery proceeding in the coming years. The previous projections came in December, before <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword> ripped to its current highs and the Russian invasion of Ukraine brought new downside risks to the global economy. While the central bank sees the economic recovery still pushing forward through 2022, the rebound will be slower and bumpier than previously expected.Inflation has already proved to be <a href="https://www.businessinsider.com/inflation-cpi-price-growth-gas-prices-february-2022-3">a major headwind in the new year</a>, and the latest projections see price growth cooling much slower this year than previously expected. Fed officials now see prices growing 4.3% through 2022, up from the 2.6% pace they forecasted in December.Policymakers also revised their estimates for 2023 and 2024 inflation slightly higher. While the projection shows price growth cooling from current levels, the 2022 average still sits uncomfortably above the Fed's 2% target.Officials' outlooks for the pace of the recovery also worsened. Economic growth as measured by gross domestic product is now expected to average 2.8% this year. That's down from the previous estimate of a 4% gain. The following two years are expected to show GDP growth of 2.2% and 2%, respectively, both unchanged from the December estimates.To be sure, the projections aren't official forecasts and don't play a role in the Fed's policy decisions. The estimates are sure to change in the coming months and the path of the recovery remains highly uncertain, Fed Chair Jerome Powell said in a press conference."Our policy has been adapting to the evolving economic environment, and it will continue to do so," Powell said. "No one knows with any certainty where the economy will be a year or more from now."The revisions weren't all bad. The median projection for the 2022 unemployment rate held at 3.5%, matching the record low seen just before the coronavirus recession. The rate <a href="https://www.businessinsider.com/february-jobs-report-678000-payrolls-labor-shortage-economy-unemployment-rate-2022-3">dipped to 3.8%</a> from 4% in February, as the month's better-than-expected job gains signaled the labor market's recovery held strong into March.

The Fed thinks prices will keep rising and business will slow down for the rest of the year

<ul class="summary-list"><li>The <keyword id="11895523" type="UNKNOWN" weightage="60" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword> raised interest rates on Wednesday, ending the near-zero rates of the pandemic.</li><li>The move comes as the <keyword id="11894209" type="UNKNOWN" weightage="60" keywordseo="fed" source="Orion">Fed</keyword> looks to tame inflation, which is holding strong at four-decade highs.</li></ul>The record-low interest rates seen throughout the coronavirus crisis are no longer.The Federal Reserve raised its benchmark interest rate on Wednesday, ending a two-year period of near-zero rates and taking its biggest step yet toward cooling inflation. The <keyword id="11918138" type="UNKNOWN" weightage="60" keywordseo="federal-open-market-committee" source="Orion">Federal Open Market Committee</keyword> lifted the federal funds rate by 0.25 percentage points, matching forecasts broadly held by economists for weeks. The move kicks off a cycle of rate increases expected to last throughout the rest of the year at the very least."The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run," the Fed said in a <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20220316a.htm">statement</a>. "In support of these goals, the Committee decided to raise the target range for the federal funds rate to 0.25% to 0.5% and anticipates that ongoing increases in the target range will be appropriate."The Wednesday hike will reverberate throughout the <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> in the coming weeks. Lenders' rates are directly influenced by the Fed's benchmark, and when the central bank raises its own rate, borrowing costs around the country edge higher. That means all forms of borrowing from car loans to credit card interest payments are poised to get slightly more expensive.The rate increase officially reverses one of the Fed's main policy supports used to aid the virus-slammed economy. The central bank pulled rates close to zero in March 2020 as the coronavirus's spread sparked widespread lockdowns and froze economic activity across the country. The historically low rates helped people and businesses borrow cash at low costs, giving Americans a major support as the country slid into the deepest recession in nearly a century.But while cheap cash offered a bridge for struggling households, it also played a role in allowing inflation to hit <a href="https://www.businessinsider.com/inflation-cpi-price-growth-gas-prices-february-2022-3">the fastest pace in four decades</a>. Low borrowing costs encouraged spending and helped demand rebound throughout 2021. Spending boomed, but supply struggled to keep up. The gap between the two led businesses to raise prices at a faster pace, kickstarting the inflation problem the country faces today.The benchmark interest rate serves as the Fed's top tool for cooling the economy and pulling inflation lower. By raising rates, the Fed can dampen demand and, in turn, close the imbalance that fuels inflation.Whether the Fed timed its rate decision correctly remains to be seen. Many economists have blamed the central bank for allowing inflation to hit historic highs, arguing policymakers moved too late to slow the price surge. Former Treasury secretary Larry Summers has been among the Fed's biggest critics in recent months. Summers has repeatedly slammed the Fed for the inflation problem and, in a Tuesday column in <a href="https://www.washingtonpost.com/opinions/2022/03/15/fed-powell-fight-inflation-interest-rate-hike/?outputType=amp">The Washington Post</a>, said the late <keyword id="12955126" type="UNKNOWN" weightage="60" keywordseo="rate-hike" source="Orion">rate hike</keyword> risks persistently high inflation and a new economic downturn."The Fed's current policy trajectory is likely to lead to stagflation, with average unemployment and inflation both averaging over 5 percent over the next few years — and ultimately to a major recession," he said.Projections published by the Fed on Wednesday signal they're rushing to put more downward pressure on inflation. Median estimates show most officials expecting at least six more rate hikes in 2022 and additional increases the following year. The <keyword id="11918137" type="UNKNOWN" weightage="60" keywordseo="fomc" source="Orion">FOMC</keyword> also indicated it will start reducing its holdings of Treasurys and mortgage-backed securities "at a coming meeting," a move that will further tighten monetary conditions and counter inflation.Powell indicated in a Wednesday press conference that the Fed still expects inflation to start cooling in the second half of 2022. Yet the Fed's updated projections see inflation holding at higher levels through the year and easing much more slowly than officials expected in December.The central bank probably should've started raising rates six months ago, especially considering the new upside risks to inflation, Seema Shah, chief strategist at Principal Global Investors, said."With inflation already almost quadruple their target, the Fed is playing catch-up and clearly recognizes the need to get back in front of the inflation situation," she added.

The Fed's first interest rate hike of the pandemic means car loans, mortgages, and credit card payments are getting pricier

<ul class="summary-list"><li>US stocks tumbled Friday, dragged by mega-cap <keyword id="12665831" type="UNKNOWN" weightage="60" keywordseo="tech-shares" source="Orion">tech shares</keyword> that were battered by the Omicron volatility.</li><li>The disappointing November jobs report added an additional layer of uncertainty. </li><li>The 10-year Treasury yield slipped to 1.355% from Thursday's 1.447% rate.</li></ul>US stocks tumbled Friday, dragged by mega-cap technology shares that were battered by the volatility brought about by the new coronavirus strain this week. The disappointing November jobs report added an additional layer of uncertainty as investors try to chart the path of <keyword id="11895523" type="UNKNOWN" weightage="60" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword> policy going into 2022. The tech-heavy Nasdaq ended lower by nearly 2% and slid to a weekly loss. Cathie Wood's flagship <a href="https://ark-funds.com/funds/arkk/" target="_blank" rel="noopener">ARK Innovation</a> ETF — which holds names like <a href="https://markets.businessinsider.com/stocks/tsla-stock?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">Tesla</a>, <a href="https://markets.businessinsider.com/stocks/coin-stock?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">Coinbase</a>, and <a href="https://markets.businessinsider.com/stocks/zm-stock?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">Zoom</a> — was hammered by the sell-off.Here's where US indexes stood at the 4:00 p.m. ET close on Friday: <ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">S&amp;P 500</a>: 4,538.42, down 0.85% </li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">Dow Jones Industrial Average</a>: 34,580.08, down 0.17% (59.71 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">Nasdaq Composite</a>: 15,085.47, down 1.92% </li></ul>US <a href="https://www.businessinsider.com/november-jobs-report-210k-payrolls-added-unemployment-rate-labor-market-2021-12">nonfarm payrolls grew by 210,000</a> last month — way below the median forecast of 550,000 jobs from economists surveyed by Bloomberg.The reading showed hiring slowed dramatically from October's revised gain of 546,000. November was expected to extend the fall's healthy job growth after the Delta coronavirus variant hammered hiring through the summer.Yet new headwinds stood in the way of blockbuster gains — among them, the new Omicron coronavirus variant and the ongoing supply-chain crisis. "While there's seemingly a huge miss on the payrolls front, there are significant bright spots—the unemployment rate is flirting with pre-pandemic levels and the participation rate ticked up," Mike Loewengart, managing director of investment strategy at E-Trade Financial, said in a statement. "There's likely not enough to go on for the Fed to change its course on tapering."The <a href="https://www.businessinsider.com/november-jobs-report-210k-payrolls-added-unemployment-rate-labor-market-2021-12">unemployment rate</a> tumbled to 4.2% from 4.6%, according to the report. Economists anticipated a reading of 4.5%. The number of unemployed Americans fell by 542,000 in November.Equities whipsawed this week as investors try to assess the threat posed by Omicron. So far, almost a dozen cases have been detected in the US, and the next couple of weeks will remain volatile, according to Edward Moya, senior equity analyst at Oanda."The focus falls on the latest inflation report, the December 15th <keyword id="11984415" type="UNKNOWN" weightage="60" keywordseo="fomc-meeting" source="Orion">FOMC meeting</keyword>, and further clarity on the impact with the Omicron variant," he said in a note.The <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">10-year Treasury note</a> yield slipped to 1.355% from Thursday's 1.447% rate. Bond yields move inversely to prices.<a href="https://markets.businessinsider.com/stocks/docu-stock?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">DocuSign</a> <a href="https://markets.businessinsider.com/news/stocks/docusign-shares-q4-guidance-weak-earnings-pandemic-after-outlook-2021-12">fell nearly 40%</a> after the company reported earnings the previous day that beat expectation but issued downbeat fourth-quarter guidance.In digital assets, <a href="https://markets.businessinsider.com/news/currencies/metaverse-cryptocurrencies-up-37000-percent-axie-infinity-decentraland-bitcoin-altcoins-2021-12">metaverse-related cryptocurrencies</a> have surged an eye-popping 37,000% this year — far exceeding the gains of bitcoin, data from <a href="https://macrohive.com/hive-exclusives/crypto-index-tracker-metaverse-vs-defi/?uid=12321102155" target="_blank" rel="noopener">Macro Hive</a> shows. The five coins it tracked are Axie Infinity, Decentraland, Sandbox, Enjin Coin, and GALA, which rallied 20% over the past seven days alone.<a href="https://markets.businessinsider.com/stocks/adddf-stock?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">Adidas</a> became the <a href="https://markets.businessinsider.com/news/currencies/metaverse-adidas-bored-ape-yacht-club-nft-punks-comic-gmoney-2021-12">latest brand name</a> to enter the metaverse through a partnership with prominent groups in the space including the <a href="https://www.instagram.com/boredapeyachtclub/?utm_source=ig_embed&amp;ig_rid=ab16287c-110c-4452-bd09-2ca2f0972883" target="_blank" rel="noopener">Bored Ape Yacht Club</a>.Crude prices were mixed. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti&amp;utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">West Texas Intermediate crude</a> oil fell 0.54% to $66.54 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, rose 0.11% to $69.75 per barrel.<a href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">Gold</a> rose as much as 0.94% to $1,785.79 per ounce.

Nasdaq falls nearly 2% as US stocks battered by Omicron volatility

<ul class="summary-list"><li>US stocks gave up steep gains on Wednesday after the Fed gave surprisingly hawkish signals on the path of rate hikes this year.</li><li>Fed Chair <keyword id="11918133" type="UNKNOWN" weightage="60" keywordseo="jerome-powell" source="Orion">Jerome Powell</keyword> admitted that a <keyword id="12955126" type="UNKNOWN" weightage="60" keywordseo="rate-hike" source="Orion">rate hike</keyword> in every <keyword id="11984415" type="UNKNOWN" weightage="60" keywordseo="fomc-meeting" source="Orion">FOMC meeting</keyword> is not off the table.</li><li>He also warned there's a risk inflation will stay higher for longer, adding to pressure on the Fed to take aggressive steps.</li></ul>US stocks reversed their earlier gains to close mixed on Wednesday, after the <a href="https://www.businessinsider.com/what-is-the-federal-reserve">Federal Reserve</a> sent surprisingly hawkish indications on rate hikes this year to tame red-hot inflation. The central bank's <a href="https://www.businessinsider.com/federal-reserve-hints-raise-interest-rates-inflation-fomc-meeting-january-2022-1">policy statement</a> opened the door for the Fed to start raising the benchmark rate as early as March. The S&amp;P 500, Nasdaq and Dow Jones Industrial Average, which jumped more than 500 points right immediately after the meeting, maintained steep gains.But in the press conference that followed, Chair Jerome Powell acknowledged that inflation may stay high for longer than expected and admitted that a rate hike in every Fed meeting is not off the table. Stocks then turned negative, though the Nasdaq finished flat.Here's where US indexes stood after the 4:00 p.m. ET close on Wednesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 4,349.93, down 0.15%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 34,168.09, down 0.38% (129.64 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq Composite</a>: 13,542.12, up 0.02%</li></ul>The <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">10-year Treasury</a> yield rose to 1.848% from Tuesday's 1.782%. Bond yields move inversely to prices. "While offering some clarity on how the Fed would begin the process of removing policy accommodation, the outcome of the meeting fell short in providing the needed guidance," Charlie Ripley, senior investment strategist for Allianz Investment Management, said in a note. "Perhaps this was intentional ... but time will not be a luxury for the Fed should inflationary pressures persist."For Jason Pride, CIO of Private Wealth at Glenmede, the central bank could raise rates by a quarter-point in March, followed by three or more for the remainder of 2022."Along the way, the considerable uncertainty of the inflation outlook is a wildcard that could influence the Fed's path forward on rates," Pride said in a note Wednesday. "<keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">Markets</keyword> appear to have already digested a four rate hike regimen for 2022 via fed funds futures."The whiplash in US equities this week began with jitters that a Fed determined to curb inflation will turn aggressively hawkish. That included worries the central bank may start to shrink its nearly $9 trillion balance sheet — more commonly known as quantitative tightening.Adding to the market swings is also a cascade of earnings reports from mega-cap companies due this week. <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> will report after the closing bell Wednesday, while <a href="https://markets.businessinsider.com/stocks/aapl-stock?utm_medium=ingest&amp;utm_source=markets">Apple</a> will post results on Thursday.Outside the US, investors are keeping an eye on the simmering <a href="https://markets.businessinsider.com/news/commodities/russia-ukraine-tensions-market-volatility-vix-energy-oil-metals-troops-2022-1?utm_medium=ingest&amp;utm_source=markets">geopolitical tensions between Russia and Ukraine,</a> which is impacting different commodities including oil and precious metals. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti&amp;utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate crude</a> oil rose as much as 1.29% to $86.70 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, oil's international benchmark, jumped as much as 1.29% to $89.34 per barrel.<a href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> dipped by 1.69% to $1,818.42 per ounce.

US stocks give up gains after Fed signals potential aggressive path of rate hikes

<ul class="summary-list"><li>US stocks rallied Wednesday ahead of the conclusion of the Fed's two-day policy meeting.</li><li>A slew of corporate earnings is expected soon, with Tesla reporting after the market close.</li><li>Brent crude oil prices inched closer to $90 a barrel while gold slipped. </li></ul>US stocks rallied on Wednesday after a volatile start to the week, ahead of the conclusion of the <keyword id="11895523" type="UNKNOWN" weightage="60" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword>'s two-day policy meeting later today.The S&amp;P 500 rebounded after closing lower in the previous session and finishing in the red five of the past six trading days. The tech-focused Nasdaq 100 and the Dow Jones Industrial Average both gained as shares of <a href="https://markets.businessinsider.com/stocks/mfghf-stock">Microsoft</a> climbed after an upbeat earnings report late Tuesday. Here's where US indexes stood shortly after the 9:30 a.m. ET open on Wednesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 4,416.45, up 1.38%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 34,540.19, up 0.71%</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq Composite</a>: 13,840.33, up 2.27%</li></ul>Investors are counting down the hours until the central bank announces its decision, which is due at 2 p.m. ET followed by a briefing with Fed Chair Jerome Powell at 2:30 p.m. Many are not expecting the Fed to implement immediate changes but instead will search for clues on when the central bank plans to hike interest rates. "I don't think that they will intentionally try to be overly hawkish," Brian Rauscher, head of global portfolio of strategy and asset allocation at Fundstrat, told Insider. "If whatever comes out in the statement and afterward is interpreted as being overly hawkish, then yesterday's bounce will probably go down. We may undercut and it may get sloppy again."The whiplash in US equities this week began with jitters that a Fed determined to tame a nearly 40-year high in inflation will turn aggressively hawkish. That included worries the central bank may start to shrink its nearly $9 trillion balance sheet — more commonly known as quantitative tightening.Adding to the market swings is also a cascade of earnings reports from mega-cap companies due this week. <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> will report after the closing bell Wednesday, while <a href="https://markets.businessinsider.com/stocks/aapl-stock?utm_medium=ingest&amp;utm_source=markets">Apple</a> will post results on Thursday. So far roughly 13% of S&amp;P 500 companies have reported their earnings results. Outside the US, investors are keeping an eye on the simmering <a href="https://markets.businessinsider.com/news/commodities/russia-ukraine-tensions-market-volatility-vix-energy-oil-metals-troops-2022-1?utm_medium=ingest&amp;utm_source=markets">geopolitical tensions between Russia and Ukraine,</a> which is impacting different commodities including oil and precious metals. US President Joe Biden said he would consider <a href="https://www.businessinsider.com/ukraine-biden-would-consider-putin-personal-sanctions-if-russia-invades-2022-1?cx_testId=10&amp;cx_testVariant=cx_undefined&amp;cx_artPos=0&amp;post-bottom-piano-recommendations#cxrecs_s">personally sanctioning</a> Russian President Vladimir Putin if he orders a Ukraine invasion.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti&amp;utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate crude</a> oil rose as much as 1.41% to $86.81 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, oil's international benchmark, jumped as much as 1.51% to $89.53 per barrel.<a href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> rose dipped by 0.43% to $1,841.77 per ounce.The <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">10-year Treasury</a> yield slipped to 1.778% from Tuesday's 1.784%. Bond yields move inversely to prices.

US stocks rise as investors await conclusion of Fed policy meeting

<ul class="summary-list"><li>US stocks closed mixed as investors digested Fed meeting minutes showing tapering asset purchases is on track to begin in November. </li><li><keyword id="11995266" type="UNKNOWN" weightage="60" keywordseo="cpi" source="Orion">CPI</keyword> rose 0.4% in September, exceeding the median forecast of a 0.3% gain.</li><li>Oil prices slipped while gold rose.</li></ul>US stocks ended higher on Wednesday as investors digested <a href="https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20210922.pdf">minutes</a> from the Federal Open Market Committee's meeting in September, which showed central bank officials broadly agreeing to begin tapering assets as soon as November, scaling back pandemic-era support for the economy. "Participants generally assessed that, provided that the economic recovery remained broadly on track, a gradual tapering process that concluded around the middle of next year would likely be appropriate," <a href="https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20210922.pdf" target="_blank" title="Link to minutes" rel="noopener">minutes</a> from the September 21-22 meeting said.The tech-heavy Nasdaq outpaced the <keyword id="30287" type="UNKNOWN" weightage="60" keywordseo="sp" source="Orion">S&amp;P</keyword> 500 and the Dow, led by mega-cap tech companies such as <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a> and <a href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> as the yield on the 10-year Treasury slipped to 1.545%. Here's where US indexes stood at the 4:00 p.m. ET close on Wednesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingesttm_medium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 4,363.80, up 0.3%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Dow Jones Industrial Average</a>: 34,377.81, down 0.01% (0.53 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Nasdaq Composite</a>: 14,571.64, up 0.73%</li></ul>The minutes released were a confirmation on Fed plans but conveyed nothing unexpected, said Lawrence Gillum, fixed income strategist for LPL Financial, in a note."There wasn't much new information to move <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>," he said. "The tapering process could start in either mid-November or mid-December-we still think November but one month isn't going to matter to markets at this point. There was some interesting discussion on lift-off though and it looks like the Committee remains divided."The Consumer Price Index - a commonly used measure of US <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword> - <a href="https://www.businessinsider.com/inflation-cpi-september-price-growth-index-economic-data-delta-wave-2021-10">rose 0.4%</a> in September, exceeding the median forecast of a 0.3% gain from economists surveyed by Bloomberg. The print shows price growth unexpectedly picking up from the 0.3% jump seen through August.<a href="https://markets.businessinsider.com/stocks/koss-stock">Koss</a> <a href="https://markets.businessinsider.com/news/stocks/koss-stock-price-jumps-patent-victory-apple-meme-stocks-gamestop-2021-10">surged 43%</a> in two days after meme stock fans cheered the headphone-maker's patent victory over Apple. Another occasional meme stock, <a href="https://markets.businessinsider.com/stocks/plug-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Plug Power,</a> <a href="https://markets.businessinsider.com/news/stocks/plug-power-stock-price-airbus-partnership-hydrogen-airport-study-phillips-2021-10">climbed 13%</a> after the hydrogen fuel-cell developer said it inked partnerships with Airbus and <a href="https://markets.businessinsider.com/stocks/psx-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Phillips 66</a>.In cryptocurrencies, Bank of England Deputy Governor Jon Cunliffe said a <a href="https://markets.businessinsider.com/news/currencies/cryptocurrency-collapse-plausible-boe-deputy-governor-cunliffe-defi-regulation-crash-2021-10">collapse in the crypto market</a> is "plausible," and regulatory action is urgently needed.Meanwhile, the <a href="https://markets.businessinsider.com/news/currencies/us-biggest-bitcoin-mining-hash-rate-china-cryptocurrency-energy-consumption-2021-10">US has unseated China</a> as the world's biggest bitcoin miner, accounting for a third of the global hash rate after Beijing banned all cryptocurrency transactions, data from the <a href="https://cbeci.org/mining_map" target="_blank" title="Link to Cambridge Bitcoin Electricity Consumption Index" rel="noopener">Cambridge Center for Alternative Finance</a> published on Wednesday showed.Oil prices slipped. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">West Texas Intermediate crude</a> slipped 0.14% to $80.53 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Brent oil</a>, the international benchmark, turned lower, down 0.19% to $83.26.Russian President Vladimir Putin told <a href="https://www.cnbc.com/2021/10/13/russia-putin.html" target="_blank" rel="noopener">CNBC</a> the <a href="https://markets.businessinsider.com/news/commodities/oil-price-outlook-vladimir-putin-russia-100-wti-demand-2021-10">price of oil could reach $100 a barrel</a> as global energy demand for the commodity skyrockets while supply continues to remain tight.<a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Gold</a> rose 0.89% to $1,776.08 per ounce.

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