Fed Raises Rates, Markets Yawn
Posted on 07/26/2023
The U.S. Federal Reserve under Jerome Powell decided to hike interest rates again, by a quarter point. This marks the highest level of interest rates in 22 years. The rate hikes are intended to fight inflation. The range is now 5.25% to 5.5%. Powell wouldn’t comment on possible upcoming rate hikes, but wanted the market to know: “It is certainly possible that we would raise funds again at the September meeting if the data warranted.”
The S&P 500 was basically unchanged on the day, down 0.016%. The Nasdaq was down 0.12%.
