The Federal Reserve raised its target fed funds rate by 0.75% on Wednesday to a new range of between 2.25% and 2.5%, its second 0.75% rate hike in two months. The SPDR S&P 500 ETF Trust (NYSE:SPY) traded higher by 3% on Wednesday afternoon following the rate hike and bullish commentary from Fed Chair Jerome Powell.
Powell On Economy, Future Rate Hikes: In his post-meeting press conference, Powell said he does not believe the U.S. economy is in a recession.
