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BLBG: U.S. Stocks Hold Gains as Fed Signals Patience on Higher Rates
 
U.S. stocks maintained gains after the Federal Reserve signaled a slower pace of interest-rate increases, as fewer officials expect the central bank to raise rates more than once this year amid a mixed picture of economic growth.
The S&P 500 rose 0.4 percent to 2,082.78 at 2:04 p.m. in New York, on track to halt its longest losing streak since February.
While the median forecast of 17 policy makers remained at two quarter-point hikes this year, the number of officials who see just one increase rose to six from one in the previous forecasting round in March, according to projections released by the Federal Open Market Committee on Wednesday following a two-day meeting in Washington.
“The pace of improvement in the labor market has slowed while growth in economic activity appears to have picked up,” the FOMC said in a statement after its gathering, where it left the target range for the benchmark federal funds rate unchanged at 0.25 percent to 0.5 percent, the first unanimous decision since January.
Traders are pricing in an 18 percent chance of a rate move in July, down from 53 percent two weeks ago before probabilities were doused by weak May payroll gains. The first month with at least even odds for an increase is February.
Equities have retreated this week as the potential fallout from Britain’s June 23 referendum spooked investors, just days after optimism over low rates and moderate economic growth buoyed the S&P 500 to an almost 11-month high.
Yellen last week reassured markets over the outlook for the U.S. economy and that policy makers wouldn’t rush to raise rates. The chair said in prior remarks before the May jobs data that she thought ongoing improvement in the economy would warrant another rate increase “in the coming months.” Minutes from the April meeting had also signaled an inclination to boost borrowing costs this summer as turbulence in global markets subsided.
With policy makers depending on data to decide when to act on borrowing costs, a report today showed a rebound in fuel costs pushed up wholesale prices for a second month. Excluding volatile components such as food, energy and trade services, prices declined for the first time in seven months. Other data showed factory production fell more than forecast in May, while manufacturing in the New York region unexpectedly expanded this month, according to a separate measure.
The S&P 500 had rallied as much as 16 percent from a 22-month low in February to within 0.6 percent of an all-time high last week, with a multimonth advance bolstered as crude oil rebounded from a 12-year low and the economy showed signs of gaining enough traction to handle higher rates. The index is still less than 2.5 percent from its record set nearly 13 months ago, and has gone the longest without a fresh high outside of a bear market since 1984.
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