Market Movers

  • Fed hikes rate by a quarter point, indicates increases are near an end. The decision Wednesday marked the Fed’s ninth consecutive rate increase aimed at battling inflation over the past year. Officials sent a hint that they might be done raising interest rates soon in their postmeeting policy statement. The policy statement also said it was too soon to tell* how much recent banking stress would slow the economy.
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  • UBS offers bond buyback after takeover raised its credit risk. Switzerland’s biggest bank invited holders of its senior unsecured notes due in March 2028 and March 2032, totaling 2.75 billion euros ($3 billion), to tender the securities for cash* at their respective re-offer price. They are giving investors the option to sell back the bonds if no longer want to invest.

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