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The Fed’s Warnings On Inflation Are Bad News For Biotech Startups
Forbes December 19, 2024
Biotech stocks are down on the news the Fed is slowing down the rate of interest rate cuts. Venture investments may be impacted, too.
The Federal Reserve rolled out its third interest rate cut of 2024 yesterday, a move expected to lower borrowing costs across the economy. But shortly after the announcement, the Dow, S&P and Nasdaq all plummeted due to the Fed’s economic outlook for 2025, which indicated it only expects two rate cuts in 2025 because of stubbornly persistent inflation and other economic factors.
But biotech stocks were hit even harder. For example, the S&P 500 dropped 3% yesterday and the Nasdaq 3.6%, but closely watched biotech index XBI was down nearly 5%, as was SPBIOS. The Nasdaq...
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