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The Motley FoolJul 06, 2022
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KiplingerJul 06, 2022
Stock Market Today: Stocks Sprint Higher After Fed Minutes
The major indexes spent most of the day bouncing around as investors awaited the mid-afternoon release of the minutes from the Federal Reserve's June policy-setting meeting, where the central bank issued its first 75 basis-point rate hike in nearly three decades. A basis point is one-one hundredth of a percentage point.

The meeting minutes revealed that another hefty rate hike is likely coming when the Fed meets later this month (July 26-27) as the central bank tries to tame red-hot inflation. Specifically, the minutes suggested that "an increase of 50 or 75 basis points would likely be appropriate at the next meeting." 

SEE MORE 7 Common Investing Myths, Debunked Additionally, the minutes indicated Fed officials believed the current economic outlook "warranted moving to a restrictive stance of policy," while leaving the door open to "an even more restrictive stance" should high levels of inflation persist. Translated: ongoing rate cuts, larger rate cuts, more bond selling or some combination thereof.

"The Fed minutes' primary message is, by now, what the parade of Fed speakers since the last meeting have emphasized, that 'more restrictive' policy measures will be needed if inflationary pressures do not ease markedly," says Jamie Cox, managing partner for Virginia-based Harris Financial Group. "Markets have received the message loud and clear."

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"What got my attention was the reference to a potential pause at year-end," says Cliff Hodge, chief investment officer for North Carolina-based Cornerstone Wealth. "This is new,

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