Global stocks rise after Fed sees inflation improving

Wall Street's benchmark S&P 500 index rose after the Fed increased its key lending rate by 0.25 percentage points, smaller than previous hikes. Chair Jerome Powell said the "disinflationary process has started" but "ongoing increases" in rates will be needed.

The gap between market pricing and Fed plans "appears to have widened," Lavanya wrote. "This leaves room for a rude shock down the road." On Wednesday, the S&P 500 gained 1% after Powell's news conference for its highest close in two months. Wednesday's announcement raised the Fed's overnight lending rate to a 16-year high of 4.5% to 4.75%, up from close to zero early last year.Hiring is resilient despite repeated rate hikes. While that helps workers, it adds to worries that wage gains could add to upward pressure on prices.

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