As widely anticipated, the Fed raised interest rates by 50 basis points, the largest point increase since May of 2000 during the era. The Fed’s plan to fight inflation also calls for a reduction in its balance sheet, which will initially include the sale of $30B in US Treasuries and $17.5B in mortgage-backed securities beginning June 1st. Beginning on or around Sept. 1st, these asset sales will increase to $60B and $30B.

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