Shares bounce back after rate rise

AFTER the global shares bloodbath at midweek, Wall Street rose overnight after the US Federal Reserve lifted interest rates by 75 basis points, the largest rise in about 25 years.
Shares bounce back after rate rise Shares bounce back after rate rise Shares bounce back after rate rise Shares bounce back after rate rise Shares bounce back after rate rise

Jerome Powell

Staff Reporter

"Over coming months, we will be looking for compelling evidence that inflation is moving down, consistent with inflation returning to 2%," Reserve chairman Jerome Powell told reporters.
 
"We anticipate that ongoing rate increases will be appropriate; the pace of those changes will continue to depend on the incoming data and the evolving outlook for the economy.
 
"Clearly, today's 75 basis point increase is an unusually large one, and I do not expect moves of this size to be common. From the perspective of today, either a 50 or 75 basis point increase seems most likely at our next meeting."
 
The S&P 500 rose by 1.5%, while the NASDAQ was up 2.5%. Gold rose to $1836.40 an ounce. Bitcoin dropped as low as $21,600 overnight but last traded at about $22,367.
 

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