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Trump's Overture to Kim Jong-un Strains Alliance With South Korea nytimes.comTrump has handed a gift to Kim Jong Un and deepened concerns over US reliability CNNTrump scales down war games with South Korea: Why it matters Al JazeeraTrump orders military to ‘substantially reduce' joint exercises with South Korea NBC News
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How Louisiana's New Surgeon General Wants to Transform Public Health nytimes.comSee more headlines & perspectives on Google News
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Live Updates: U.S. and Iran locked in a stalemate as 60-day negotiation period ends cbsnews.comU.S. and Iran Blow Through Deadline to Agree to a Broad Deal to End War nytimes.comIran live updates: MoU 60-day deadline 'irrelevant,' Iranian diplomat says ABC News - Breaking News, Latest News and VideosLive updates: US-Iran war; Deadline to reach deal passes with no end to conflict in sight CNN
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The Federal Reserve served up a widely expected third consecutive jumbo rate hike when it concluded its regularly scheduled two-day meeting on Wednesday. Chair Jerome Powell and the rest of the Federal Open Market Committee (FOMC) raised the federal funds rate by 75 basis points. (A basis point equals 0.01%.)
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Although the move matched consensus expectations, a significant portion of the bond market - and plenty of traders and tacticians, for that matter - were bracing for a whopping 100 bp rate hike. Uncertainty over just how hawkish the Fed would reveal itself to be has cast a pall on equities over the preceding weeks, and so a rate hike of "only" three-quarters of a percentage point was actually met with some relief. Stocks sold off sharply when the Fed released its statement at 2 p.m. Eastern, but then drifted back into positive territory during Powell's press conference, which began a half-hour later.
Ultimately, however, the major indexes finished in the red. That's because the Fed's bottom line is that inflation is by no means under control. And while there might be ample anecdotal and emotional evidence pointing to the contrary, the economy is simply running too hot. An imbalance in supply and demand in the labor market and related strong real wage growth, snarled supply chains and a rising dollar are just some of the factors confounding monetary policymakers - not to mention corporate revenues and profit margins.
As we've
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