Fed Raises Interest Rates to Highest Level Since 2001
The Federal Reserve's decision to raise interest rates has sent shockwaves through global markets, leading to a mixed bag of results for major stock indices. The Fed raised its federal funds rate to a range of 5.25% to 5.50%, its highest level since 2001, in an effort to combat high inflation.
The move was widely expected by market analysts, but it's still uncertain whether this will be the last interest rate hike for some time. Fed Chair Jerome Powell said that rates will likely need to stay high for a while to drive inflation lower, citing the importance of data in making future decisions.
In Europe, stocks were mostly higher on Thursday, with Germany's DAX and Paris' CAC 40 both up over 1%. However, not all markets are faring as well, with India's Sensex falling 0.7% to 66,277.15.