TheStreet’s J.D. Durkin brings you the biggest news of the day, including investor reactions to the Fed’s rate hike decision and why you’ll be paying more at the pump.
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00:00 I'm JD Durkin reporting from the New York Stock Exchange.
00:02 Here's a look at what we are watching on the street today.
00:04 Investors are continuing to react to yesterday's interest
00:07 rate decision, the US Federal Reserve leaving interest rates
00:10 unchanged at 5.25% to 5.5%.
00:14 While Wednesday's decision went just about as expected,
00:16 investors are perhaps a bit spooked
00:18 after the central bank indicated that rate hikes are not yet
00:22 over, with at least another hike planned before the end of 2023.
00:26 It also said it expects to make fewer rate cuts next year,
00:29 implying the central bank would need to keep rates higher
00:32 in order to tackle inflation.
00:34 Meanwhile, oil prices have skyrocketed to over $92 a barrel,
00:38 meaning you will soon be likely paying a bit more at the pump.
00:41 Gas prices have officially hit their 2023 highs,
00:45 as the average cost of a gallon of gas in the US
00:47 now stands at $3.88.
00:51 And that's the highest it's been since October of 2022,
00:53 according to AAA.
00:55 However, it's still nowhere near the record high of $5.02
00:59 a gallon set back in June of 2022.
01:02 There are now 10 states with an average of $4 a gallon
01:05 or higher, with California having the highest gas
01:08 prices in the nation, averaging $5.69 a gallon, up $0.49
01:14 in the last month alone.
01:16 Gas prices normally drop after the very busy summer travel
01:20 season, but ongoing supply cuts from Russia and Saudi Arabia
01:23 have caused the opposite to happen this year.
01:26 That'll do it for your daily briefing from the New York
01:29 Stock Exchange.
01:29 I'm JD Durkin with The Street.
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