In the latest financial updates on Wednesday, the Federal Reserve decided to maintain its target interest rate range at 5.25% to 5.5%. The decision was released along with the Fed’s quarterly economic projections, followed by a press conference held by Fed Chair Jerome Powell. Investors are keenly watching for signals on whether the central bank will raise rates again at its next meeting in November. This comes as part of a series of interest rate increases over the past 14 months, with the Fed seeking to accomplish a soft landing by slowing down the economy without causing a recession.
In other news, Ford (NYSE:) saw its shares rise by 0.4% in pre-market trading after reaching a tentative deal with Canadian auto workers union Unifor, averting a potential strike involving 5,600 workers at the company’s facilities in Canada. This development comes amid an ongoing strike by the United Auto Workers against Ford, General Motors (NYSE:NYSE:), and Stellantis (NYSE:NYSE:) in the U.S. Shares of GM dipped 0.3% in pre-market trading while Stellantis shares rose 1.4%.
On another front, Boeing (NYSE:NYSE:) has increased its long-term sales forecasts for China, predicting that the country will need to double its commercial aircraft fleet over the next two decades due to growth in its travel sector. According to Boeing’s annual Commercial Market Outlook, China will require 8,560 new planes by 2042, an increase from last year’s forecast of 8,485 planes. In response to this news, shares of Boeing traded 0.6% higher in pre-market trading.
Meanwhile, Goldman Sachs (NYSE:GS) is reportedly negotiating the sale of its specialty lending firm GreenSky to a group of investment firms including Sixth Street, Pacific Investment Management, and KKR (NYSE:KKR). This move is part of the investment bank’s efforts to reduce its consumer lending footprint.
Lastly, marketing software firm Klaviyo priced its initial public offering (IPO) at $30 a share, giving the company a valuation of approximately $9.2 billion. The company’s shares are set to begin trading on the New York Stock Exchange under the ticker “KVYO”.
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