Comment on Fed attacks inflation with its largest rate hike since 1994

Reuters US stocks traded mostly higher on Friday, with all 3 major indices sitting just below record highs. A cool April CPI report buoyed hopes of Fed interest rate cuts later this year. Investors will look to see if the gains can spill over into next week, which is set to be a busy one for AI developments. The Dow Jones Industrial Average closed above 40,000 for the first time on Friday, closing out a strong week of gains fueled by upbeat inflation data midweek.

When you buy through our links, Business Insider may earn an affiliate commission. Learn moreThe best bread knives are versatile kitchen tools that make quick work of bread, plus tough fruits and vegetables. M8nshot MediaIf you've ever tried to slice open a loaf of sourdough with a dull kitchen knife, you know the struggle.

When you buy through our links, Business Insider may earn an affiliate commission. Learn moreEetu Luostarinen #27 of the Florida Panthers skates for possession against Danton Heinen #43 of the Boston Bruins in Game Five of the Second Round of the 2024 Stanley Cup Playoffs. Eliot J. Schechter/NHLI via Getty ImagesThe Boston Bruins and the Florida Panthers will face off in Game 6 of the second round of the 2024 Stanley Cup Playoffs tonight, which could send one of the teams home for the year.

Sesame/Getty Images Fears of a potential banking crisis are on the rise as interest rates stay elevated. Interest rates are now at their highest levels since 2001 as the Fed keeps an eye on inflation. Markets have already seen 1 regional bank fail this year, according to FDIC data. Fears of more trouble in the banking sector are on the rise as investors and economists worry that high interest are causing trouble for regional lenders.

Amid Russian advances, Ukraine launched its biggest drone attack on Russia since the war started. Russia intercepted over 100 drones on May 17. Read the original article on Business Insider

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