US stocks and government bond prices rebounded after five consecutive days of declines on Wednesday after the Federal Reserve announced its largest interest rate rise in almost 30 years in an attempt to combat stubbornly high inflation.
The US central bank said it would lift the federal funds rate 0.75 percentage points from its level of between 0.75 per cent and 1 per cent. The increase was the first move of such magnitude since 1994.
Stocks whipsawed throughout the afternoon but settled higher as investors focused on Fed chair Jay Powell’s assertion that such large rate rises would not become common.
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