- The Federal Reserve raised its benchmark rate by 25 basis points, the first hike since 2023.
- Wall Street rebounded after the decision, with the Dow, S&P 500 and Nasdaq all higher.
- Ahead of the decision, the Nasdaq 100 held consolidation near 29,116.2, the Dow found support around 52,250, and the S&P 500 stabilized near 7,623.72.
- Market focus turned to Fed Chair Kevin Warsh's press conference for signals on whether the hike is a one-off or the start of a longer tightening cycle.
- The 10-year Treasury yield backed off the 5% level, a sign of market resilience.
Quotes
“Wall Street rebounds after the Fed’s first rate hike since 2023, with Dow, S&P 500 and Nasdaq higher.”
“A hike of 25 basis points is expected.”
“The question will be whether or not Kevin Warsh sounds extraordinarily hawkish during this press conference, or if it is a situation where it is one and done.”
“Rates are backing off the 5% level in the 10-year at the moment”