Stocks reach highs of last summer as Fed sees progress

NEW YORK — Wall Street climbed Wednesday to its best level since the summer following the latest hike to interest rates by the Federal Reserve, which said it’s finally seeing improvements in inflation.

The Fed raised its benchmark interest rate by 0.25 percentage points to a range of 4.5% to 4.75%, its highest level since late 2007. It’s the smallest such increase in the Fed’s blizzard of rate hikes since March.

Fed Chair Jerome Powell said Wednesday the economy is on the path toward getting inflation lower, though he did say it was still way too early to declare victory. But he also said, “We can now say, I think for the first time, that the disinflationary process has started.” That got Wall Street thinking about a future with no more rate increases.

“He had the opportunity to use his voice to tamp down market expectations, and he didn’t do it,” said Katie Nixon, chief investment officer at Northern Trust Wealth Management.

GoodRx fined $1.5M over user info

The Federal Trade Commission on Wednesday fined the medication discount company GoodRx $1.5 million for sharing data on its users’ medications and illnesses with companies such as Facebook and Google without permission.

According to the FTC’s complaint, California-based GoodRx violated federal law by sharing personal health information for years with advertising companies and platforms — contrary to its privacy promises.

“We do not agree with the FTC’s allegations and we admit no wrongdoing. Entering into the settlement allows us to avoid the time and expense of protracted litigation,” GoodRx said in a statement.