Episode Details

The U.S. stock market dropped sharply after the Federal Reserve, led by Chair Kevin Warsh, raised its benchmark interest rate by 25 basis points to a target range of 3.75% to 4.00%. This decision marks the central bank's first rate increase in three years. Investors were primarily spooked by hints that officials see inflation as a lingering risk, signaling that more interest rate hikes could follow later this year.

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