and the markets rallied on news of the fed s aggressive approach to inflation, even though there will be more, of course, more to come. but perhaps not as aggressive going forward. explain that to us. well, compared i think you and i had a conversation last year if we recall that we were talking about that this was not transitory. and the fed was saying that the inflation was transitory. well, it s the opposite. the fed is making a hard assistance in addressing that there is an issue and there needs to be a stronger monetary policy, one again, as i mention the market reacted to it. but with that aggressive rate over the last two decades, it s really to combat the price uncertainty for those families that can t afford things. that s why i think we re seeing the aggressiveness, rosemary, because things are starting to get out of control when it comes to pricing things. and let s look at that. interest rate hikes will of course mean that buying houses and cars will be harder, and if
the goal of course to reduce inflation without pushing the country into recession. but can that be done? well, it needs to be done, rosemary. but i think it s a really fine balance. i think why the market reacted the way it did is because the fed stated last meeting that they were going to do this, and that they were going to you know, this increase in interest rate really, let s be honest, really after the inflation. so the market reacted accordingly thinking that the fed will have this in control. and to your point, this is a step for investors to pay attention to say that this will happen and could cause a curb for inflation that causes some price certainty, unlike what we ve seen over the last few months. and ryan, inflation is currently at a whopping 8.5%. so how long will it likely take to bring that down with this new interest rate hike? and what is an acceptable inflation level?
consumer spending in china as well as the global supply chain. rosemary? very sobering there. kristie lu stout bringing us the latest from hong kong, many thanks. still to come, the uk is slapping new sanctions on russian media companies. more on the entities that will be impacted by this ban. that s next. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediaie cash payment. we thought we had planned carefully for our retirement. but we q quickly realized we needed a way to supplement our income. if you have $100,000 or more ofof lie insurance, you may qualify to sell your polilicy. don t cancl or let your policy lapse without finding out what it s worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance.
we understand the hardship it is causing, and we re moving expeditiously to bring it back down. we have both the tools we need and the resolve that it will take to restore price stability on behalf of american families and businesses. [ closing bell ] the fed s decision sent u.s. financial markets soaring. wall street had its best day in two years. blue chip stocks gained more than 900 points. the s&p 500 is up 3%, and the nasdaq rose 3.2%. and we are seeing positive results in the asia-pacific markets so you can see there, all moving in the right direction. ryan patel is a senior fellow at the school of management at claremont university. he joins us from los angeles. great to have you with us. thanks, rosemary. so the dow soared more than 900 points on news the fed was raising interest rates by half a percentage point.
bombardment of that city. details of that this hour. i m rosemary church in atlanta with the latest on the biden administration fighting back about the mask rule taken away from public transportation. reporter: we begin in mar mariupol. russian shelling continues. negotiations are underway to try to open up more evacuation corridors. this is what they hope to publish in terms of evacuations so far. russian forces were not able to adhere to a cease-fire for a much larger humanitarian