Federal Reserve officials in their last meeting said that they need to act "expeditiously" to bring down the near 40-year-high U.S inflation. Most participants now anticipate three half-a-percentage-point interest rate increases for the months ahead, as per the minutes of the Fed’s May meeting.
In Thursday’s trading session, the broader market indices again posted a rally. The Dow rose 1.6%, the S&P 500 added about 2%, while the tech-heavy Nasdaq Composite climbed about 2.7%. The market seems set to end the week in the green. However, it is down significantly on a year-to-date basis.
