The Federal Reserve (Fed) raised its key federal funds rate for the 10th consecutive time, announcing a 0.25% rate hike Wednesday to 5% to 5.25%.
The move was widely expected by Wall Street as the macroeconomic policy crafters have yet to break the labor market and inflation levels are still considered elevated.
Several bank failures over the last two months — including First Republic Bank this week —have spurred concerns that the economy is headed toward a recession and the Fed is done hiking rates for the time being.
In fact, traders on Wednesday details ⇒
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