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Good morning. Today is Thursday, May 5th.

I'm your host Julie Morgan.

Our top stories, The Federal Reserve, OPEC Plus, and Buffett.

The Federal Reserve raised by 50 basis points is 75 next.

OPEC Plus Nations meet today.

What will this mean for prices and supply?

Buffets Berkshire Hathaway buys more Occidental shares.

How much more?

Let's talk about it.

The FOMC raised the Fed funds rate by 50 bases points to a range of 0.75 to 1%. It's the biggest hike in 22 years.

The Fed made it clear that fighting inflation is the main objective, but it was a more balanced

tone when compared to January and March.

Fed Chairman Jerome Powell said that they were not actively considering a 75 basis point hike,

which is basically what some have called the nuclear option.

However, he did say that 50 basis point hikes are on the table for the next couple of meetings.

Deutsche Banks Jim Reed said that the Fed intentionally or unintentionally decided that the market has had enough stress for now.

When Powell made the comment about the 75 basis points, buyers reacted. The S&P 500 closed up 3%, the Dow added 900 points in the NASDAQ

closed up more than 3%. Treasury yields dropped as prices rose, the two-year yield dropped 14 basis points.

Powell mentioned that jobs growth would slow which was different because previous

descriptions of the jobs market have been red hot.

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