Market Updates
Fed Policy Makers Show Willingness to Lift Rates Higher
Brian Turner
25 May, 2022
New York City
The Fed minutes of the meeting held on May 3-4 showed all participants agreed to the need to raise rates to tame inflation before it anchors deeper in the economy.
"Most participants judged that 50 basis point increases in the target range would likely be appropriate at the next couple of meetings," the minutes noted.
The policy committee also showed its willingness to move the rate stance to more restrictive if necessary.
" At present, participants judged that it was important to move expeditiously to a more neutral monetary policy stance.
They also noted that a restrictive stance of policy may well become appropriate depending on the evolving economic outlook and the risks to the outlook," the minutes highlighted.
The economic outlook prepared by the staff also highlighted that the trajectory for the GDP growth in April was in line with March projections.
The staff noted that the first quarter real GDP decline was more driven by volatile capital spending and labor markets and industrial production provided a more accurate picture of the final aggregate demand.
The bond market did not find anything new in the minutes and the yield on 10-year Treasury notes were nearly unchanged at 2.743%.
The S&P 500 index 1.3% to 3,992.25 and the Nasdaq Composite advanced 2% to 11,486.76.
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