DBI Today: 49.0 (−3.4)
The Federal Reserve — America's central bank — left interest rates unchanged on Wednesday, but the decision was anything but calm: three policymakers broke ranks and voted for a hike, the most divided vote in years. Today's Daily Business Index, our daily 0-to-100 reading of global business health where 50 is neutral, fell to 49.0, its steepest one-day drop in weeks. The real jolt, though, came from oil. Renewed fighting between the US, Israel and Iran sent crude prices surging more than 6% in a single session, reviving fears that energy costs will keep prices high even as the Fed insists it has inflation under control. Wall Street didn't like the mixed signals one bit.
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