The FOMC announced this afternoon that they increased the Federal Funds Rate by 25 basis points to a range of 2.25% to 2.5%. This marks the ninth rate hike since the tightening cycle began in December 2015. They also lowered their future guidance from three more rate hikes in 2019 to only two. The news was interpreted as less “dovish” as hoped and the knee jerk reaction in the market was a decline in the S&P 500 Index (SPX) of ~48 points, from 2582 to 2534 shortly after the announcement.
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