The Fed Will Keep on Hiking Rates Until It Has 'Done Damage'

As expected, the Federal Reserve left its interest rate target alone after its FOMC meeting concluded Wednesday. However, the press release does make clear the central bank intends on moving forward with a rate hike in September, and probably December as well. Here are my thoughts and some updates on the trades I favor.

Hawkish Pass

In Fed Chair Jerome Powell's Congressional testimony a few weeks ago, he inserted the qualifier "for now" in describing the Fed's rate hiking plan: "The FOMC believes that -- for now -- the best way forward is to keep gradually raising the federal funds rate" (emphasis added)....691 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

Read the full story and get access to the Real Money Pro trading floor.

There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.

Already a Subscriber? Please login.

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.