Producers of metals and other raw materials rose after Federal Reserve Chairman Jerome Powell gave a positive view of economic-growth prospects.
Fed officials decided to raise their benchmark federal-funds rate by a quarter percentage point to a range between 0.25% and 0.5% from near zero, the first rate increase since 2018. The central bank also significantly increased its projection for inflation rates this year, sparking concerns that the rate-hike cycle will last longer than markets had priced in.
Gold futures, which are particularly sensitive to interest rates, fell for the fourth straight session, and closed at their lowest level since Feb. 28.
The chairman of Russian metals giant MMC Norilsk Nickel PJSC and two other overseas directors are leaving the nickel and palladium supplier.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-16-22 1703ET
