(CNBC) Bond yields jumped and stocks were volatile after the Federal Reserve released its forecast for an aggressive series of rate hikes that it expects will bring down inflation swiftly over the next year. The Fed released its latest forecast for interest rates and the economy as it raised its target fed funds rate by a quarter point — its first hike in more than three years. The Dow Jones Industrial Average and S&P 500 briefly turned negative after the announcement, while bond yields rose.
Fed’s interest rate forecast signals willingness to sacrifice growth to stop inflation, strategists say
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