Markets were mixed on Wednesday.
The S&P 500 fell 0.5 percent but the STOXX Europe 600 rose 0.6 percent. Earlier in Asia, the Shanghai Composite fell 0.4 percent but the Nikkei 225 rose 0.1 percent.
The Federal Reserve kept interest rates near zero at its monetary policy meeting on Wednesday. It also said it planned to keep rates low until inflation is on track to “moderately exceed” its 2 percent inflation target “for some time”.
However, investor sentiment was pegged back after Fed chairman Jerome Powell said at a press conference after the meeting that the economic downturn resulting from the COVID-19 pandemic is “the most severe in our lifetime”.
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