The Federal Reserve made its move

Good morning.?The?Federal Reserve made its move and raised rates again.?

And its increase this time is double the size of the last one.?

Seatbelts on.

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1. The Federal Reserve delivered a big rate hike.?On Wednesday, the central bank lifted interest rates in its?first half point hike since 2000 . This paves the way for much pricier mortgages, car loans, and credit-card debt.

The 0.5% hike escalates the Fed's fight to slow?the fastest price growth in decades . However, Fed chief Jerome Powell soothed jittery markets by saying the central bank wasn't considering larger rate hikes at future meetings. The comment sparked a relief rally in stocks, with the Dow jumping 900 points shortly after the meeting.??

"With appropriate firming in the stance of monetary policy, the Committee expects inflation to return to its 2 percent objective and the labor market to remain strong," the Fed said in a statement.

The Fed may not be the biggest market mover, though.?That's according to JPMorgan chief Jamie Dimon, who said the war in Ukraine poses a?bigger risk to the global economy .?

"The Cold War is back," ?the JPMorgan CEO told Bloomberg Wednesday.?

He noted that the Fed was?late on raising rates , but added that it wouldn't be a disaster for the world economy, though "the potential outcomes in Ukraine are."

In other news:

2. A 35-year market veteran who runs a fast-growing income ETF for JPMorgan Asset Management shared his investment strategy.?He broke down the steps that have helped him outperform —?and the five top stocks in his income ETF.

3. A millennial who achieved financial independence at age 30 shared his top strategies for earning more money as quickly as possible.?He's an advocate of increasing revenue streams and starting side hustles.?"It's never been easier to make money in history."

4. Cathie Wood and a trio of top value investors explained their best investing ideas.?At the Milken Institute Global Conference, Wood and the hedge fund managers shared advice for investors —?then debated whether innovative stocks are set for "explosive growth" or are in a bubble.?

5 Shares of Lyft plunged Wednesday after it said it will need to spend more to attract new drivers.?The stock cratered as much as 34% on disappointing second quarter projections.?The gloomy outlook pulled down shares of fellow rideshare giant Uber, too.?

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