Dow Jones Futures The stock market soared on Wednesday as the Federal Reserve raised interest rates by three-quarters
of a percentage point, its strongest anti-inflation move in nearly 30 years. The Dow Jones Industrial Average increased by
303 points, or 1%, the S&P 500 increased by 1.5 percent, and the Nasdaq Composite increased by 2.5 percent.
The market may have already priced in a higher-than-expected spike," noted Mike Loewengart, managing director of
investment strategy at ETrade, as one of the day's key takeaways. The Fed announced that it is raising the benchmark lending rate
by three-quarters of a percentage point, as expected by the market. In May, inflation rose to new highs, prompting the
dramatic rate hike—a quarter-point is standard—in reaction. In addition, the Fed set a pretty aggressive rate-hiking
path for the future. By the end of 2023, the median Fed member expects the benchmark lending rate to reach 3.75 percent.
For the time being, it appears that the markets have already reflected even higher interest rates. The 2-year Treasury yield closed
at just over 3.2 percent, just below Tuesday's multiyear high of 3.435 percent, while the 10-year yield traded