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Stock impact report

Stocks Drop After Fed Raises Rates [The New York Times]

Mitsubishi UFJ Financial Group, Inc. (MUFG) 
Stocks on Wall Street skidded lower in late trading on Wednesday, as investors balked at the Federal Reserve’s decision to raise interest rates, by a quarter of a percentage point, amid a banking crisis.The S&P 500 initially jumped after the decision was announced, before falling sharply toward the end of trading, finishing 1.65 percent lower for the day. Trading had been muted in the morning, as investors awaited the Fed’s decision.The ructions in the stock market on Wednesday reflected the challenge facing the Fed: to remain tough on stubborn inflation that has driven up prices for households across America, while acknowledging that its tool for cooling inflation — raising interest rates — had helped to lead to the recent bout of ill health among the nation’s banks.The central bank initially appeared to thread the needle, and stock prices jolted higher as its decision was announced. But as trading continued, and the Fed chair, Jerome H. Powell, answered reporters’ questions, the ral Show less Read more
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