Stock Market Today: Fed Goes Big, Wall Street Approves

The Fed's largest rate hike in nearly three decades, and more flexibility from Chair Powell, squeezed stocks higher Wednesday.

Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting on Jan. 29, 2020, in Washington, D.C. The Fed announced June 15 that it would raise its benchmark interest rate by 75 bps.
(Image credit: Getty Images)

The Federal Reserve isn't messing around.

For months, America's central bank largely telegraphed a 50-basis-point increase to its benchmark interest rate for its June policy meeting. But on Wednesday, it instead met recently stepped-up expectations spurred by still-sizzling inflation prints, announcing a 75-basis-point hike to a range of 1.5% to 1.75% – the largest such bump since 1994. Stocks ultimately finished higher, with a little help from Fed Chair Jerome Powell.

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Kyle Woodley

Kyle Woodley is the Editor-in-Chief of WealthUp, a site dedicated to improving the personal finances and financial literacy of people of all ages. He also writes the weekly The Weekend Tea newsletter, which covers both news and analysis about spending, saving, investing, the economy and more.

Kyle was previously the Senior Investing Editor for Kiplinger.com, and the Managing Editor for InvestorPlace.com before that. His work has appeared in several outlets, including Yahoo! Finance, MSN Money, Barchart, The Globe & Mail and the Nasdaq. He also has appeared as a guest on Fox Business Network and Money Radio, among other shows and podcasts, and he has been quoted in several outlets, including MarketWatch, Vice and Univision. He is a proud graduate of The Ohio State University, where he earned a BA in journalism. 

You can check out his thoughts on the markets (and more) at @KyleWoodley.