What to watch today: Wall Street set to plunge as post-Fed rate hike rally vanishes

What to watch today: Wall Street set to plunge as post-Fed rate hike rally vanishes

BY THE NUMBERS sank Thursday as the post-Fed meeting rally proved to be short-lived as bond yields and other central banks around the globe adopted more aggressive policy stances. One day after the Fed's 75 basis point interest rate hike, the and the followed suit. (CNBC) Three worse-than-expected were released at 8:30 a.m. ET. Initial jobless claims dropped to 229,000 for the week ended June 11. May housing starts and building permits plunged 14.4% and 7%, respectively. The Philadelphia Fed's manufacturing index came in at a minus 3.3 for June. (CNBC) Fed Chairman said at his post-meeting news conference that rate increase at July's policy meeting seems most likely. Wednesday's 75 basis point move was the biggest hike since 1994. Sinking risk assets reflect investor concern that the Fed won't be able to arrest roaring inflation without tipping the economy into a recession. (CNBC) IN THE NEWS TODAY dropped overnight, before trimming some of those losses, as the entire cryptocurrency market . Bitcoin was trading at levels not seen since December 2020, down about 27% in the last week and down nearly 70% from its November all-time high above $68,000. (CNBC) on Thursday was scheduled to address 's employees at