The Federal Reserve continues to be investors’ center of attention. The Fed wrapped up their two-day FOMC meeting on Wednesday and hiked the Fed Funds rate by 0.50%, as expected. In addition, the Fed started letting its assets shrink by not reinvesting all the funds it receives from maturing bonds it owns. Overall, the Fed followed through with its plans it telegraphed in March. Equity investors responded favorably to this along with Fed Chair Jerome Powell’s post-meeting comments that future 0.75% rate hikes are not actively being considered. The S&P 500 finished up nearly 3% on the news.

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