MARKETS
U.S. indexes gain despite fears of oil prices as the market settles on Fed rate direction. The S&P 500 was up 1.1% in afternoon trading. The Dow Jones Industrial Average rose 0.90%, and the Nasdaq Composite has gained 1.2%.
The Federal reserve first…
Backed by a strong U.S. economy still creating jobs at a consensus- pace, the Federal Reserve continues its fight against inflation by continuing to hike interest rates. The dollar is at one of its strongest key currency positions in a decade.
Boston Federal Reserve Bank’s new President Susan Collins, in her first media interview since starting the job this summer, said that bringing inflation back down to 2% is the Fed’s “Job One,” and while it has raised rates significantly, “there’s more to do.”
Oil prices Brent and WTI both down about 4% today on reports that Russian President Vladimir Putin threatened to cut off energy supply if price limits are imposed by the West on Russia’s oil and gas exports.
