US equity futures are flat, while bonds are mixed following the Federal Open Market Committee's (FOMC) decision to raise interest rates by 50 basis points, as expected.
The focus of the market's reaction is on the FOMC's peak rate projection, which came in higher than markets were pricing in. Chair Powell also pushed back against a dovish pivot by reiterating the "higher-for-longer" messaging and saying there would need to be "substantial evidence" that inflation is retreating sustainably before weighing cuts. However, the futures markets continue to challenge the Fed's outlook with rate cuts priced in for next year.
In company news, Kymera Therapeutics (NASDAQ: KYMR) has risen 14.6% after releasing positive data from a phase 1 trial of KT-474 for hidradenitis suppurativa and atopic dermatitis. In comparison, Delta Air Lines (NYSE: DAL) has increased by 2.8% after raising its Q4 revenue growth guidance.
It looks like Elon Musk's more unrestricted use of Twitter may conflict with new rules being introduced in the EU. Also, Musk sold $3.58 billion worth of Tesla (NASDAQ: TSLA) stock this week, but it's unclear what he plans to do with the money.
*Twitter (TWTR) is no longer publicly traded since Elon Musk took it private.
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