I Can Almost Guarantee You Just Missed the Most Important Number in Fed Chair Kevin Warsh's and the FOMC's Interest Rate Decision
Amid a period of heightened interest-rate uncertainty, the central bank just offered investors a promising silver lining.
Overview
Arguably, no decision had more bearing for Wall Street and corporate America than the Sept. 16 Federal Open Market Committee (FOMC) meeting on interest rates. As was widely expected by prediction markets, Fed Chair Kevin Warsh and his colleagues raised the federal funds target rate by 25 basis points to a new range of 3.75%-4.00%.
The initial reaction from the stock market wasn't pretty. The iconic Dow Jones Industrial Average (DJINDICES:^DJI) lost more than 1%, while the benchmark S&P 500 (SNPINDEX:^GSPC) and growth-focused Nasdaq Composite (NASDAQINDEX:^IXIC) eased lower.
Fed Chair Kevin Warsh and his FOMC colleagues are finally on the same page. Image source: Official Federal Reserve Photo.
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Originally published at www.fool.com.