Wall Street Today | Fed raises rates by 0.75 percentage point, largest increase since 1994
MACRO
Fed Raises Rates by 0.75 Percentage Point, Largest Increase Since 1994
The Federal Reserve approved the largest interest-rate increase since 1994 and signaled it would continue lifting rates this year at the most rapid pace in decades to fight inflation that is running at a 40-year high.
Officials agreed to a 0.75-percentage-point rate rise at their two-day policy meeting that concluded Wednesday, which will increase the Fed's benchmark federal-funds rate to a range between 1.5% and 1.75%.
>>Read more
>>Read more
Wall Street Sounds a Louder Recession Call After Fed Rate Hike
Analysts increasingly see a recession looming in the US following the Federal Reserve's biggest increase in interest rates since 1994 and signs of weaker consumer spending.
A downturn by the start of 2024, barely on the radar just a few months ago, is now close to a three-in-four probability, according to the latest estimates by Bloomberg Economics.
SECTORS
Biden Blasts Oil Refiners for Record Profits on Pain at the Pump
Biden wrote to executives from $Marathon Petroleum (MPC.US)$, $Valero Energy (VLO.US)$ and $Exxon Mobil (XOM.US)$, and complained they had cut back on oil refining to pad profits, according to a copy of the letter seen by Reuters. The letter was also sent to $Phillips 66 (PSX.US)$, $Chevron (CVX.US)$, $BP PLC (BP.US)$ and $Shell (SHEL.US)$, a White House official, who declined to be identified, told Reuters.
>>Read more
>>Read more
European Natural-Gas Prices Jump as Russia Cuts Supplies Again
Europe's options for filling its natural-gas stores to avoid a winter energy crisis are narrowing as flows from Russia decrease and U.S. shipments are poised to stall, sending gas prices higher. Benchmark European gas prices jumped 24% Wednesday to close at 120.33 euros, or about $125, a megawatt-hour as traders assessed the threat to supply.
>>Read more
>>Read more
COMPANIES
Tesla Tops List of Crashes Thought to Involve Driver-Assistance Technology
The auto industry's top safety regulator said Wednesday that it had received reports of nearly 400 recent crashes in which advanced driver-assistance features were engaged during or immediately before the incident. More than two-thirds of those crashes happened in a $Tesla (TSLA.US)$ vehicle, it said.
>>Read more
>>Read more
Hertz Global Board Approves New $2 Billion Stock Buyback
$Hertz Global (HTZ.US)$'s board on Wednesday approved a new $2 billion share-repurchase program, the Estero, Fla., car-rental company said.
The new buyback is in addition to a $2 billion program Hertz announced last November, which has about $200 million remaining, and brings its total repurchase authorization to $2.2 billion, it said.
>>Read more
>>Read more
Netflix's Binge-Release Model Is Under New Scrutiny as the Streaming Giant Struggles
$Netflix (NFLX.US)$disrupted traditional TV by releasing entire seasons of shows all at once. Now that strategy is under new scrutiny as the company contends with big subscriber losses and a dramatic plunge in its share price.
Source: Bloomberg, WSJ, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
In 10 minutes it’s history. At four I’m a dinosaur!
39KFollowers
26Following
46KVisitors
Follow
71778048 : Be glad when the market come back
101765048angelchow : ok
InvestUncle 71778048 : mkt is irrational, thats the highest hike in int rate, after annouced, mkt rallied? what other news can be worse than int rate hike?
SpyderCall : Sell the Rumor and buy the news possibly?
Maybe some investors see this as the biggest rate hike that will happen so it cant get any worse in the future, as if inflation is being taken care of much faster than before. The market is indeed irrational so who knows why everything rallied? Its radiculous.