The Fed and Swiss Bank increase interest rates

News of the day, Thursday, 16 June

The U.S. Federal Reserve raised rates by 0.75% to 1.75%, which is the largest rate hike since 1994.

Asian shares fell following the Fed’s decision, with Hang Seng down 1.31% and MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.46%.

Oil prices recovered from a drop in the previous session amid tight supply and a depressive economic outlook. Brent crude futures rose 0.7%, and WTI crude climbed 0.8%.

The S&P 500 rallied yesterday, nursing the losses of the previous five sessions. The Dow Jones Industrial Average rose 1%, S&P 500 gained 1.46%, and the Nasdaq Composite increased by 2.5%.

The Swiss National Bank has unexpectedly raised interest rates by 0.5% today, following the global trend for monetary policy tightening.

Key quotes for today:  
Brent — $119.10  
WTI — $116.00
GBP/USD — 1.2096
EUR/USD — 1.0398
XAU/USD — $1831.91