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Fed Hikes Rates, Will Await Data
1As expected, the FOMC raised its benchmark rate by a quarter point to 1.5%. In its post-meeting statement, policy-makers said higher oil prices are slowing growth and hiring, and boosting inflation. But the Fed said it expects faster growth to resume, though it "will respond to changes in economic prospects." Traders expect a Sept. rate hike, but it's no sure thing. More on this page
Stocks Rally After Fed Rate Hike
2The major market indexes rallied to session highs after the Fed's widely expected 1/4-point rate hike. Oil prices hit an all-time high before easing, but did little to stop stocks from rising. The Dow …