Fed’s preferred price gauge, is currently at 1.8%.
The Federal Reserve has been on an interest rate hike spree, raising its benchmark interest rate for the eighth consecutive time on Wednesday.
Despite increasing signs of cooling inflation, the Fed raised its key rate by 25 basis points to 4.5% to 4.75%. The Fed’s central bankers have said that the rate must get above 5% to bring inflation back to the target of 2%. Inflation, as measured by the Fed’s preferred price gauge, is currently at 1.8%.
posite Index COMP, -1.94% all opened Wednesday in positive territory, and continued to trade higher as the Fed released its statement at 2 p.m. Eastern Time.
Advisers are increasingly focused on how to store cash in productive ways that take some super-safe yields, said Andres Garcia-Amaya, founder and CEO of Zoe Financial, a platform linking financial advisers with potential clients.
The Fed announcement on Wednesday pointed at the need for “ongoing increases.” Stocks were trading in positive territory on Wednesday afternoon, shortly after the Fed’s announcement.
The Dow Jones Industrial Average DJIA, -0.38%, the S&P 500 SPX, -1.04% and the Nasdaq Composite Index COMP, -1.94% all opened Wednesday in positive territory, and continued to trade higher
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