Overview
- The Federal Reserve voted unanimously to raise its policy rate by 25 basis points on Wednesday, the first hike since 2023.
- Officials said a further increase this year remains possible, a signal that shifted traders to price a roughly 51% chance of an October hike.
- Stocks initially rallied as 10‑year Treasury yields pulled back and tech and biotech names led gains, but market moves turned mixed by Friday as investors weighed higher-for-longer rates.
- Oil prices fell for a second session with Brent near $104.64 a barrel, easing one source of inflation pressure that had helped push yields higher earlier in the week.
- Higher U.S. rates pushed stress into emerging markets with Argentina hit hard—Riesgo País rose to about 524 and ADRs fell as much as roughly 7% while local dollar quotes held broadly steady.