We look at the Fed’s rate move, how the market reacted, and what it means ahead.
Overnight the The U.S. Federal Reserve delivered the biggest hike in interest rates since 2000 to a range of 0.75% to 1% from 0.25% to 0.5% previously. Ahead of the meeting, Fed Chairman Jerome Powell had hinted last month that a 50 basis points increase in the Fed funds rate was on the table. But considering the recent market falls, and the range of tightening measures already in play, the market’s expectation of a 75 basis point hike was always unlikely.
But Chair Jerome Powell did again say “Inflation is much too high and we understand the hardship it is causing and we are moving expeditiously to bring it back down,”
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