The SPDR S&P 500 ETF Trust (NYSE:SPY) completed its best month since 2020 in July despite another aggressive Federal Reserve interest rate hike and ongoing inflation concerns.
On Wednesday, the Federal Reserve announced it's raising the fed funds interest rate target by 0.75% to a new range of between 2.25% and 2.5%, its second 0.75% rate hike in two months. Prior to June, the Fed had not raised rates by 0.75% or higher in a single month since 1994.
