Stocks rose after the Federal Reserve announced its intentions to raise interest rates by three-quarters of a percentage point for the second consecutive time to combat record-high inflation.
This marks the fourth rate increase in five months. In its policy statement issued after its meeting, the Fed noted some parts of the economy are beginning to slow, and that “recent indicators of spending and production have softened.”
CNN quoted Fed chairman Jerome Powell as saying that while the path to avoid a recession may have narrowed, he doesn’t believe the U.S. is currently in one.
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