European stocks fell on Thursday after the Federal Reserve predicts 'long road' to recovery
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European stocks fell on Thursday after the Federal Reserve predicts 'long road' to recovery
European stocks fell on Thursday after the Federal Reserve warned that it expected there to be a “long road” to economic recovery in the US, fueling fears about a protracted return to growth in the global economy. The central bank left interest rates steady at near-zero levels, projecting elevated US unemployment for years and a 6.5% fall-off in US economic output in 2020.
The pan-European STOXX 600 index (^STOXX) fell by around 2%, while London’s FTSE 100 (^FTSE) was down by around 2.1%.
Germany’s DAX (^GDAXI) declined by around 2.4%, while France’s CAC 40 (^FCHI) was 2.4% in the red.
"Last night’s Fed meeting turned out to be every bit as dovish as was expected, with the US central bank painting a fairly subdued outlook for the US economy," said Michael Hewson, the chief market analyst at CMC Markets UK.
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