Market correction: The Fearless Girl bronze sculpture looks towards the New York Stock Exchange in New York. Stocks gave up an early gain on Thursday and moved steadily lower all day, erasing nearly all of a rally from a day earlier and extending their losses for the week. — AP
NEW YORK: The US stock market pullback has raised hopes that the Federal Reserve will ramp up asset purchases to boost the economy, but the sell-off was not steep enough to warrant any action, according to market participants, strategists and an advisor to the US Treasury.
What is more likely is for the Federal Open Market Committee (FOMC), which will meet tomorrow and Wednesday to set US monetary policy, to switch its Treasury purchases toward more long-dated debt to keep long-term yields low, some strategists said.
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