Morning Brief 14/12/2023

The DJIA jumped to a record Wednesday as the Fed signaled it would cut rates several times next year. The central bank held the benchmark overnight borrowing rate steady in the 5.25% to 5.5% range as expected, but more importantly it forecast three rate cuts in 2024, which were more than it had previously indicated. Shares of Bank of America and Wells Fargo, banks that stand to benefit if the Fed orchestrates a so-called soft landing, jumped 4.3% and nearly 3%, respectively.