Market Movers

  • Fed hikes rates by a quarter percentage point, as expected. In a unanimous decision widely expected by markets*, the central bank’s Federal Open Market Committee raised its benchmark borrowing rate by 0.25 percentage point. It's the Fed's 10th interest rate increase in just a little over a year and dropped a tentative hint that the current tightening cycle is at an end.
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  • PacWest falls more than 20% as regional bank stocks slide to new lows. First Republic rescue fails to arrest slide in US regional bank shares. The rescue did not reassure investors* about what could happen to other similar regional banks. Their stocks plunged yesterday. Shares in another California lender, PacWest, lost about 28 percent.

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