- The Federal Reserve raised its key interest rate for the first time in over three years to fight elevated inflation, and the decision was unanimous.
- The Fed signaled more tightening is likely in the near future to force a timelier drop in inflation.
- US stocks ended lower: the Dow fell 1.21%, the S&P 500 lost 0.44%, and the Nasdaq was off 0.01%.
- Fed Chair Warsh said the economy has strengthened, but inflation remains elevated, while August retail sales beat consensus.
- US crude settled down by more than 3% as the Fed tightened policy.
Quotes
“the Fed said its decision was unanimous and more tightening is likely in the near future to effect a timelier drop in inflation.”
“Fed Chair Warsh says economy has strengthened, but inflation remains elevated”
“US crude settles down by more than 3%”