CNBC Daily Open: The Fed rate hikes might not be one-and-done
The Federal Reserve waited three years to raise interest rates, but it may not wait nearly as long to do so again.
TL;DR
- The Federal Reserve raised interest rates for the first time in three years, setting the Fed Funds rate between 3.75% and 4%.
- The decision caused U.S. stock markets to fall and Treasury yields to increase.
- President Donald Trump criticized the Fed's decision, calling for lower interest rates.
- The European Union is considering offering Canada "associate member" status.
- President Trump reacted negatively to the EU-Canada proposal, threatening tariffs.
- Crude oil prices dropped following statements about the temporary nature of damage to Saudi Arabia's pipeline.
- Reddit co-founder Alexis Ohanian criticized the tech industry's communication regarding AI risks.