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By Staff Reporters
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Markets: Stocks soared yesterday after the Fed said it was hiking interest rates by 75 basis points (its fourth rate hike this year) in order to stamp out inflation. Another rate increase could be on its way this fall, Fed Chair Jerome Powell said, depending on the economic data. Powell also rejected claims that the US was currently in a recession.
The DJIA rallied 400 points as Powell hinted the Fed could slow the pace of rate hikes, and the NASDAQ jumped 4%.
- Prices for goods in the U.S. are expected to continue rising through 2023. The Federal Reserve [FOMC] waited too long to respond to early signals of inflation. The central bank is correcting the course by raising its interest rate targets at the fastest pace in more than two decades.
Meta, the company formerly known as Facebook, reported a 1 percent decline in quarterly revenue from the previous year. It was the first time the social media giant’s revenue had fallen since it went public a decade ago, as it confronts increased regulatory scrutiny and a turbulent economy while trying to build a new frontier of digital communication.
CITE: https://www.r2library.com/Resource/Title/08261
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