Trading Day: Lift off!

On Wednesday, the U.S. Federal Reserve increased interest rates for the first time in over three years, signaling that more rate hikes are on the horizon. This move led to a surge in the dollar, a drop in the Dow and S&P 500 indices, and a widening of the Treasury bond yield curve. Despite Americans having never been richer, thanks to the soaring stock market, this wealth is highly concentrated among the wealthy.

A decline in the stock market could have more profound economic implications, as the rich drive overall spending.