US STOCKS-Wall St holds on to gains ahead of Fed statement

miércoles 15 de junio de 2016 13:19 GYT
 

* Fed Chair Janet Yellen to speak at 2:30 p.m. ET

* May producer price index up 0.4 pct vs est 0.3 pct

* Indexes up: Dow 0.15 pct, S&P 0.2 pct, Nasdaq 0.26 pct (Updates to early afternoon)

By Yashaswini Swamynathan

June 15 (Reuters) - Wall Street held its gains steady in early afternoon trading, minutes before the Federal Reserve releases its policy statement that is expected to leave interest rates unchanged.

The Federal Open Market Committee (FOMC) will release its statement with new economic forecasts at 2:00 p.m. ET (1800 GMT). Fed Chair Janet Yellen is scheduled to hold a press conference at 2:30 p.m. ET.

Yellen had hinted at higher chances of a rate hike than the markets had priced in, but weak May jobs data and economic repercussions of a possible Brexit forced her to take a dovish stance last week.

"It is widely expected that the Fed is going leave rates unchanged today. I would be surprised if we do a whole lot of anything until we get through June 23 when we get the Brexit vote," said Art Hogan, chief market strategist at Wunderlich Securities in New York.

Traders see a less than 40 percent chance of an interest rate increase until December, according to CME Group's FedWatch tool.   Continuación...