Most stock markets in the Gulf ended lower on Wednesday.
The Fed has left the policy rate in the current range of 5.25% to 5.5% since July © Mena Today
Most stock markets in the Gulf ended lower on Wednesday, in line with global shares, as investors struggled with the possibility that the U.S. Federal Reserve may not cut interest rates as soon as previously expected.
Fed Governor Christopher Waller said the U.S. is "within striking distance" of the central bank's 2% inflation goal, but it should not rush toward cuts in its benchmark interest rate until it is clear that lower inflation will sustain.
The Fed has left the policy rate in the current range of 5.25% to 5.5% since July.
Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.7%, retreating from record highs it hit in the previous session, with Commercial International Bank (COMI.CA) losing 1.8%.
Saudi Arabia has decided to postpone its flagship investment conference until next year, organizers confirmed in a statement on Monday, following deadly attacks which rocked the kingdom in recent weeks as the Middle East conflict widens, disrupting business.
Organisers insist the Future Investment Initiative (FII) will open in Riyadh on October 26. After a week of Houthi attacks on the capital's airport, few expect it to.
Prolonged war in the Middle East and further disruptions to energy production, shipping routes or critical infrastructure pose the biggest risk to economies in the Middle East and Central Asia, the International Monetary Fund said on Thursday.
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