Fed Seen Jumping Rates as Markets Climb On Hope
Wall Street closed higher as traders await the Federal Reserve decision this week. Major indices rose with the S&P 500 up 0.7 percent, Dow 0.6 percent, and Nasdaq 0.8 percent, led by technology and financial stocks while health care and real estate slipped. Fed rate expectations point to another three quarters of a percentage point increase, with housing and inflation data in focus ahead of Wednesday’s policy announcement. Britain marked a day of mourning for Queen Elizabeth II.
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Fed signals larger rate hike to curb inflation
Federal Reserve officials expect a three quarter point rise at the meeting to push the target range to 3.00 3.25 percent and hint at higher policy rates into 2023. Powell warned of pain from aggressive tightening while Cleveland Fed’s Loretta Mester urged above 4 percent by early next year, deepening recession fears.
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VW Porsche IPO plan sets price range for stake sale
Volkswagen announced a pre sale price range for up to 25 percent of Porsche AG preferred shares as part of an IPO to fund investments in electric cars software and services with listings targeted for September 29 in Frankfurt. Qatar Investment Authority Norges Bank ADQ and T Rowe Price are among buyers.
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