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  3. US markets end higher following fed rate hike

US markets end higher following fed rate hike

16 Jun 2022 Evaluate

The US markets ended higher on Wednesday after the Federal Reserve announced the biggest increase in interest rates in almost thirty years. The Fed revealed that it has decided to raise the target rate for the federal funds rate by 75 basis points to 1.50 to 1.75 percent, marking the biggest rate hike since 1994. The widely expected move by the Fed comes as a recent report from the Labor Department showed consumer price inflation at the fastest annual rate in forty years. Citing its goals of maximum employment and inflation at a rate of 2 percent over the longer run, the Fed also indicated that further rate hikes are likely to be appropriate. Fed Chair Jerome Powell indicated the central bank could raise interest rates by another 75 basis points at its next meeting in late July.

The Fed also said it will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities. In its assessment of the US economy, the Fed said overall economic activity appears to have picked up after edging down in the first quarter. The central bank described recent jobs gains as robust and noted the unemployment rate has remained low. The Fed said inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures. On the economic data front, the Commerce Department released a report showing an unexpected decrease in U.S. retail sales in the month of May. The report showed retail sales fell by 0.3 percent in May after climbing by a downwardly revised 0.7 percent in April. Street had expected retail sales to edge up by 0.2 percent compared to the 0.9 percent increase originally reported for the previous month.

Dow Jones Industrial Average rose 303.7 points or 1 percent to 30,668.53, Nasdaq gained 270.81 points or 2.5 percent to 11,099.16 and S&P 500 was up by 54.51 points or 1.46 percent to 3,789.99.

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