US equity markets logged their worst falls in a month, with the declines picking up pace into the close following the release of the Federal Reserve's update monetary policy statement that indicated the central bank was not inclined to cut interest rates to address lacklustre inflation - Dow down -163-points or -0.61% The broader S&P500 -0.75% after touching a fresh record intra-day high (2,954.13). The NASDAQ shed -0.57%. The Federal Reserve held its benchmark interest rates steady at between 2.25% and 2.50% as expected following the conclusion of their latest monetary policy meeting. However, the central bank did adjust its language about inflation, noting a more anaemic rise in prices during the first few months of 2019. Fed Chair Jerome Powell conducted a press conference and said that the central bank thinks their policy stance is "appropriate at the moment and we don’t see a strong case for moving in either direction”, noting that “transitory” factors were depressing inflation, and that he was confident the strong job market would eventually produce the wage pressures needed to achieve its inflation target. Mr Powell said the Fed is “strongly committed” to its 2% inflation target. On the US-China trade front, CNBC reported that sources had told them that the announcement of a trade deal is “possible” by next Friday (10 May). A US delegation met with Chinese negotiators in Beijing on Wednesday (1 May). Chinese Vice Premier Liu He will travel to Washington for talks next week.
