U.S. Stock Futures Are Lower While the Fed Raised Its Benchmark Rate By 75 bps

U.S. stock futures are lower:  Markets are down after yesterday’s post Fed announcement rally.  The Fed raised its benchmark rate by 75 bps, the biggest hike in three decades, as officials seek to lessen elevated inflation.  Additionally, the Chairman stated that either a 50 or 75 bps rate hike is most likely at the July meeting.  In economic reports,  jobless claims from last week were 229k versus 217k consensus and housing states declined month over month by -14.4% relative to -1.8% survey figure.  The Bank of England raised its bank rate by 25 bps to 1.25% and reiterated its 2% inflation target.   European markets are down and same with Asian markets.  China’s new home prices in May declined for the second month as Covid-19 restrictions impacted the overall residential market demand.