By John Persinos
Instead of an interest rate pivot, the Federal Reserve just handed us a stock market divot.
At the conclusion of its two-day meeting Wednesday, the Federal Reserve's policy-making arm, the Federal Open Market Committee (FOMC), announced that it was hiking interest rates by 75 basis points (bps), to an upper bound range of 3.5%. It was the central bank's third consecutive hike of 0.75%.
Wall Street had expected a hike of that magnitude, but Fed Chair Jerome Powell and his cohorts made it clear that they won't blink in the fight against inflation and their stance would remain tough, despite the resultant economic pain.
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