The KUIK Closing Market Report for Wednesday, June 14:
Markets were mixed.
Index
Direction
Change
Units
Index
Time
Change
Dow
Up
46
points
21,375
2:12 PM
S&P500
Down
-0.1%
percent
2,438
(2.43)
Nasdaq Composite
Down
-0.4%
percent
6,195
(25.48)
30 Year Treasury
Down
(8)
basis points
2.78
Annual Yield
The Fed raised the benchmark federal-funds rate by a quarter point to between 1% and 1.25% — the third increase in a year and a half. The aim is to raise the cost of borrowing to ensure the economy doesn’t overheat and spark inflation. It also laid out its plan to shrink its massive $4.5 trillion balance sheet starting this year. The moves reflect the Fed’s view that the economic expansion now in ninth year no longer needs so much help.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
