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Utilities Shares Sink After Fed Policy Update -- Utilities Roundup

06/16/2021 | 05:24pm EDT

Shares of power producers tumbled as the U.S. central bank penciled in an earlier interest-rate increase.

In updated projections, 13 of 18 central bank officials indicated they expect to lift short-term rates by the end of 2023, up from seven who expected that outcome in March. In March, most of them anticipated holding rates steady through 2023.

The Federal Reserve also reiterated that it expects to continue bond purchases until "substantial further progress" has been made in the recovery, but Chairman Jerome Powell acknowledged officials discussed pulling back on asset buying.

 Write to Amy Pessetto at amy.pessetto@dowjones.com 

(END) Dow Jones Newswires

06-16-21 1724ET

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