Federal Reserve: Rate Hike, ‘Additional Policy Firming’
Wall Street Breakfast
Seeking Alpha
3.8 • 950 Ratings
🗓️ 23 March 2023
⏱️ 10 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Thursday, March 23rd, and I'm your host, Julie Morgan. |
| 0:12.0 | Day two of the FOMC meeting brought news of a rate hike. |
| 0:16.0 | At today's meeting, the committee raised the target range for the federal funds rate by a quarter percentage point, |
| 0:21.0 | bringing the target range to 4.3 |
| 0:23.0 | to 5%. |
| 0:24.0 | Jerome Powell's announcement led to late selling. |
| 0:27.4 | Today is crypto Thursday, and we're hearing from our weekly contributor Mike Faye |
| 0:31.9 | with blockchain reaction on Seeking Alpha. He has two topics of note. |
| 0:36.3 | The crypto market was no different and reacted to the 25 basis point Fed hike. |
| 0:41.7 | And the other is coin base |
| 0:43.7 | coin base which on Wednesday disclosed that it has been served a well's |
| 0:47.4 | notice by the SEC and Japanese company tashiba has accepted a buyout offer worth more than 15 billion dollars. |
| 0:56.8 | Our top story. |
| 0:58.2 | A continued hawkish stance by the Federal Reserve led to late selling on Wall Street with a major U.S. |
| 1:04.1 | equity averages finishing Wednesday solidly in the red. |
| 1:08.2 | The NASDAQ closed down 1.6 percent. |
| 1:11.1 | The S&P 500 finished down 1.7% and the Dow ended down 1.6%. All 11 |
| 1:18.2 | S&P sectors finished lower. Real estate provided the vanguard of the decline sliding by 3.6%. |
| 1:25.4 | Financial's energy and consumer discretionary all fell more than 2% as well. |
| 1:30.8 | Following its regularly scheduled policy meeting, the Fed announced that it was raising |
| 1:35.3 | its key rate by 25 basis points in line with what Wall Street had widely expected. |
... |
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