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Fed meeting live coverage: Federal Reserve cuts interest rates by 0.25%, Powell says there's 'no risk-free path' Yahoo FinanceFed Cuts Rates Again, Is Divided Over Future Moves The New York TimesCNBC Daily Open: Investors find cheer amid Fed's hawkish cut cnbc.com‘Be careful what you wish for': Top economist warns any additional interest rate cuts after today would signal the economy is slipping into danger Fortune
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Mets did not make an offer to Pete Alonso before he agreed to Orioles deal: Sources - The Athletic The New York TimesSources: O's, Alonso finalizing 5-year, $155M deal ESPNMLB free agency 2025: Live updates from winter meetings as Pete Alonso reportedly signs with Orioles, Edwin Diaz joins Dodgers Yahoo SportsWhy Mets never even bothered making Pete Alonso an offer New York Post
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Steve Cohen's message to Mets fans after losing Pete Alonso and Edwin Diaz New York PostSources: O's, Alonso finalizing 5-year, $155M deal ESPNThere is no sugarcoating Pete Alonso's bittersweet Mets ending New York PostThe Mets' core is no more. And now their front office needs to deliver - The Athletic The New York Times
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Johnson bullish on Indiana's upcoming nailbiter of a redistricting vote PoliticoRepublicans Are Fighting With One Another in Deep-Red Indiana. Here's Why. The New York TimesIndiana Senate sets up crucial Thursday vote on mid-cycle congressional redistricting bill Indiana Capital ChronicleIndiana Senate to vote Thursday on 9-0 Republican congressional map, but its passage is uncertain CBS News
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The Fed approved a much-anticipated quarter percentage point interest rate cut at a meeting that was packed with intrigue and surprises.
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Wednesday's selling carried into Thursday as investors continued to take a risk-off approach to markets following the Federal Reserve's latest policy announcement.
The central bank issued its third jumbo-sized rate increase yesterday and set expectations that it will continue to hike rates over its next few meetings. However, the Fed is not alone in its aggressive stance. Several global central banks have increased their benchmark rates this week in an ongoing effort to tame inflation, including the Bank of England and Switzerland's National Bank, which earlier today issued 50 basis point and 75 basis point rate hikes, respectively. (A basis point is one one-hundredth of a percentage point.)
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"Global equities are struggling as the world anticipates surging rates will trigger a much sooner and possibly severe global recession," says Edward Moya, senior market strategist at currency data provider OANDA. "Most of these rate hikes around the world are not done yet which means the race to restrictive territory won't be over until closer to the end of the year."
The reaction here at home was a selloff in bond prices, which sent yields on government notes spiking. The 10-year Treasury yield surged 19.2 basis points to 3.704% - its highest level since early 2011 - while the 2-year Treasury yield spiked 12.1 basis points to 4.116%, its loftiest perch since late 2007.
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As for stocks, the tech-heavy Nasdaq Composite
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