#BTC US stocks closed mixed, Dow Jones once rose more than 500 points

The Fed kept interest rates unchanged, Powell said the probability of a rate hike is not high. March JOLTS data showed signs of softening labor market, Qualcomm's performance exceeded expectations, and used car online platform Carvana surged 35% after the market. The Fed announced as expected to keep interest rates unchanged. As the market weighed the remarks of Fed Chairman Powell, US stocks closed mixed on Wednesday (1st), and the Dow Jones once rose more than 500 points during the session.

As of the close of the day, US stocks rose and fell. The Dow Jones rose 87.37 points, or 0.23%, to 37903.29 points; the Nasdaq fell 52.34 points, or 0.33%, to 15605.48 points; the S&P 500 fell 17.30 points, or 0.34%, to 5018.39 points.

The Fed kept interest rates unchanged, and Powell said the probability of a rate hike was not high. The Federal Reserve announced that it would maintain the target range of the federal funds rate between 5.25% and 5.5%, in line with market expectations. This is the sixth consecutive time that the Federal Reserve has kept interest rates unchanged since July 2023. The Fed said that there was "no further progress" in its goal of reducing inflation to 2%. It is not appropriate to cut interest rates before the sustainability of inflation moves toward the 2% target. In addition, the statement modified its description of progress in achieving its dual mission of price stability and full employment. The new wording is slightly reserved, saying that the risks of achieving this goal "have developed towards a better balance over the past year." The rest of the statement has not changed much. The Federal Reserve said that it will slow down the pace of balance sheet reduction from June, reducing the pace of U.S. debt reduction from $60 billion per month to $25 billion, and maintaining the pace of mortgage-backed securities reduction at $35 billion per month.

Powell said that regardless of the US presidential election this year, the Federal Reserve will still make independent interest rate decisions, otherwise there may be negative consequences. He emphasized that the move to slow down the reduction of the balance sheet is not to provide an accommodative environment or reduce restrictions on the economy. The real purpose is to ensure that the process of reducing the balance sheet to the ideal level is smooth. In addition, in response to the market's concerns about "stagflation" in the US economy, Powell said he did not understand such concerns.