June 15: Market Summary
Fed announces decision
Markets rebound, Fed hikes interest rates by 0.75%, and the stock market has wiped $10 trillion in value this year.
Let's dive in.
Here are today's market moves:
U.S. stocks climbed on Wednesday after the Federal Reserve announced its policy decision.
The central bank announced a 0.75% interest rate hike, the largest increase since 1994:
Why did stocks jump? Markets had already priced in a 0.75% hike after data showed inflation rose 8.6% in May, the fastest increase since 1981.
Fed Chair Powell said the central bank isn’t trying to induce a recession and that a "soft landing" for the economy is possible.
The crypto market climbed on Wednesday, with Bitcoin trading near $23,000, as cryptocurrencies moved higher with stocks.
The meltdown of 2022 has wiped out more than $10 trillion in market value from the S&P 500.
Bill Gates says that crypto and NFTs are '100% based on the greater fool theory.'
Three Arrows Capital, a prominent crypto hedge fund, is rumored to be insolvent.