US Wall Street extends gain as Fed softens hawkish stance

The comments from Powell came after the Fed announced its widely expected decision to raise interest rates by half a percentage point in an effort to return elevated inflation to its 2% objective. The Fed announced that it has decided to raise the target range for the federal funds rate by 50 basis points to 0.75% to 1% and said it anticipates that ongoing increases in the target range will be appropriate. Fed Chair Jerome Powell said policymakers were ready to approve similar-sized rate hikes at upcoming policy meetings in June and July. Powell also said the Fed was not "actively considering" a 75 basis-point rate hike, tempering some market expectations for an aggressive tightening path.