Stocks close lower as Fed raises interest rates
by Rachel Lynn Aldrich
Posted 9/27/18, 11:23 am
U.S. stocks briefly dipped Wednesday after the Federal Reserve raised short-term interest rates by a quarter point, but the markets made new gains Thursday shortly after opening. Fed policymakers said they expect to raise the interest rate a fourth time later this year and three times next year to keep a check on inflation in the strengthening U.S. economy.
Political considerations did not influence the decision, Federal Reserve Chairman Jerome Powell said during a news conference, adding that policymakers there were focused on maintaining low unemployment and stable inflation. He also downplayed the possibility that the increase cost would negatively affect possible home buyers.
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