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At the open: TSX moves lower; traders await end of Fed policy meeting

In delayed testimony before the Senate Banking Committee, Fed Chair Janet Yellen says policymakers still expect modest economic growth but are keeping watch of emerging markets and the impact of weather. No reporter narration.

Reuters

The Toronto stock market was lower with traders focused on the outcome of the interest rate meeting of the U.S. Federal Reserve.

The S&P/TSX composite index was down 17.98 points to 14,351.

The Canadian dollar fell another 0.31 of a cent to 89.48 cents (U.S.). The slide added to a drop Tuesday of more than 2/3 of a cent after Bank of Canada governor Stephen Poloz said slower than normal growth may be the new norm.

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He said that will require central bankers to keep interest rates low for longer than they would have in the past and didn't rule out a rate cut.

U.S. markets were little changed ahead of the afternoon release of the Fed's announcement and the first news conference by Janet Yellen since she took the helm of the U.S. central bank earlier this year.

The Dow Jones industrials slipped 9.92 points to 16,326.27, the Nasdaq moved down 2.64 points to 4,330.67 while the S&P 500 index was 0.82 of a point lower to 1,871.43.

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