The Dow Jumped After the Fed Minutes — and What Else Happened in the Stock Market Today

The stock market jumped higher Wednesday after the Federal Reserve’s minutes revealed that the central bank is sticking to its commitment to lift short-term interest rates, but that isn’t getting any more aggressive on tightening monetary policy. The Fed’s minutes acknowledged that there will be “ongoing increases” in the federal-funds rate going forward to combat high inflation by lowering economic demand. The Fed sees half-percentage point increases to the fed-funds rate—rather than quarter-point hikes—as likely in the next couple of meetings.