The major U.S stock market indexes plunged today in the biggest daily decline in several years, as the U.K.’s historic decision to leave the European Union roiled financial markets around the globe. Following the results of the EU referendum, British Prime Minister David Cameron put forth his resignation. Meanwhile, the unexpected result destabilized economic expectations and spurred record plunges in the pound and European bourses.
The Federal Reserve concluded its latest Federal Open Market Committee meeting within the past hour and, as expected, voted to keep its interest rate target unchanged at 0.25 percent to 0.50 percent. The vote was unanimous.
The two-steps forward, one step backward pattern of the durable U.S. economic expansion continues in place. On point, just one day after the government reported a solid increase in retail sales for the latest month and several days after another decent reading on initial jobless claims was registered, the Commerce Department issued data this morning affirming that industrial production had backtracked modestly in May.