The S&P 500 is seeing its biggest decline since October as the Fed still needs help

The S&P 500 saw its biggest decline since October, while the Dow and Nasdaq fell as the Federal Reserve left its key rate unchanged and offered no further help to the economy for the comeback. The Federal Reserve acknowledged a slowdown in economic data at Wednesday’s FOMC meeting, suggesting it is too early to discuss changes in current monetary policy stance. “The data for the second and third quarters should be strong, but for now the Fed appears to be merely overseeing and encouraging the efforts of the new administration and the Treasury Department as they initiate proactive budget support,” said Rick Rieder, BlackRock director Global Fixed Income Securities Investments. The point is, with the final stimulus package passed in December (after the last Fed meeting) and the deepening debate over the outlook and size of the next, the focus is now firmly on the budgetary side of the equation, “he told Retailers continued to dominate the headlines of the market, driving strong-selling stocks higher for the third straight day. House Press Secretary Blanche Jen Psaki said Wednesday that Treasury Secretary Janet Yellen is “monitoring” the situation regarding GameStop changes Here the US indices were just after 4:00 p.m. ET and closed on Wednesday: S&P 500: 3,750.95, minus 2.56% Dow Jones industry average: 30,302.97, minus 2.05% ( 634.07 points) Nasdaq Composite: 13,270.60, minus 2.61%