At its meeting on May 3-4, the central bank raised interest rates by half a percentage point, the biggest jump in 22 years. The minutes of that session, due to be published this afternoon, could begin to shape the debate about what will happen when its authorities meet in June and July to combat rising prices.
The chairman of the Fed, Jerome Powell, promised keep pushing rate hikes until there is clear and convincing evidence that inflation is falling. That has prompted money markets to price in increases of 50 basis points in June and July.
The Dow Jones Industrial Average was up 0.06% at 31,947, while the S&P 500 was up 0.48% at 3,960.70. The Nasdaq Composite added 0.80% to 11,354 units.
The actions of Amazon.com and Tesla supported gains on the Nasdaq with advances of 1% and 2.1%, respectively, while those of Nvidia rose 2.5% ahead of the release of its first-quarter results after the market close.
Nordstrom climbed 10.3% after the luxury retailer raised its full-year earnings and revenue forecasts, counting on demand from wealthy consumers to help it overcome price pressures.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
