The Federal Reserve lifted rates by a large amount for the third time in a row, sharply lowered its 2022 growth outlook and revised higher unemployment rate estimate. The interest rates are likely to go up by least another 125 basis points by the end of 2022.
The Federal Reserve increased the key lending rate by 75 basis points for third time in a row and revised the fed funds target range between 3% and 3.25%. The Fed held out for more ongoing rate increases in the target range.
Stocks on Wall Street traded higher with all eyes on Fed's rate decision and comments on future rate paths. Fed is not only battling sky-high inflation but also its diminished credibility in tackling rapid price increases.
Treasury yields rise ahead of the Fed's rate-hike decision on Wednesday. and investors seek a deeper understanding of the future rate path and inner workings of the economy.
Oxford, the parent of Tommy Bahama, lifted its annual earnings and sales outlook. Ford said costs are running ahead of expectation this quarter. A federal judge rejected Optum's plan to acquire Change Healthcare.
Stocks closed higher and the yield on 10-year Treasury notes closed at a 11-year high. The U.S. dollar advanced ahead of the interest rate decision on Wednesday.
Stocks traded sideways ahead of the Fed's rate decision on Wednesday. This week, at least 12 other central banks are expected to revise rates and offer economic insights.
Global markets extended weekly losses on the ongoing rate jitters and yet another sign of economic slowdown. Investors fear more earnings warnings to follow after the latest outlook revision from FedEx.
FedEx earnings warning and revenue shortfall rattled markets around the world. NCR plans to split into two companies. Uber is investigating a cybersecurity hacking claim.
Wall Street extended weekly losses to 5% after FedEx issued an earnings warning and the World Bank offered a dire global outlook. Two separate reports added to market anxieties ahead of the Fed meeting next week.
Tech stocks led the decliners with fewer bulls on Wall Street willing to step up ahead of the rate hike decision next week. Crude oil dropped 3% and the yield on 2-year Treasury notes jumped to a 15-year high.
Stocks struggle to gather momentum as investors study conflicting economic data. Labor market conditions remain tight and consumer spending is holding up in the face of high inflation but bond yields are rising rapidly.
