NEWSLETTER - DEC 18, 2022

Fed raises interest rates half a point to highest level in 15 years

• The Federal Reserve continued its battle against inflation by raising its benchmark interest rate to the highest level in 15 years.

• The Federal Open Market Committee voted to boost the overnight borrowing rate half a percentage point, taking it to a targeted range between 4.25% and 4.5%.

• Along with the increase came an indication that officials expect to keep rates higher through next year, with no reductions until 2024.

Sourced from CNBC

Retail sales fell 0.6% in November as consumers feel the pressure from inflation

• Retail sales for November declined 0.6%, even worse than the Dow Jones estimate for a 0.3% drop.

• Weekly jobless claims fell to 211,000, a decline of 20,000 from the previous period and well below the Dow Jones estimate for 232,000.

• Fed surveys from the New York and Philadelphia regions showed contraction in manufacturing activity in December.

Sourced from CNBC

Microsoft buys near 4% stake in London Stock Exchange Group as part of 10-year cloud deal

• The release also said that Scott Guthrie, Microsoft’s executive vice president for the Cloud and AI Group, will be appointed as a non-executive director of LSEG.

• LSEG’s shares were seen up 4% or 5% ahead of the market open in Europe on Monday.

Sourced from CNBC