Stock market today: Markets steady after Fed's rate hike

Stocks arent moving much on Wall Street following the latest hike to interest rates by the Federal Reserve. Wall Street hopes this is the final hike, and the Fed may have given a nod toward that possibility in its statement. The economy has already slowed, and the US banking system has begun to crack under the weight of much higher rates.

Stocks aren't moving much on Wall Street following the latest hike to interest rates by the Federal Reserve. The S&P 500 was 0.1per cent higher immediately following the Fed's announcement. The move was widely expected, and it's supposed to slow the economy in hopes of getting inflation under control. Wall Street hopes this is the final hike, and the Fed may have given a nod toward that possibility in its statement. Fed Chair Jerome Powell will speak later in the afternoon. The economy has already slowed, and the US banking system has begun to crack under the weight of much higher rates.