Key Points The Federal Reserve just raised interest rates for the first time since 2023. Bill Ackman notes that AI hyperscalers may continue to spend heavily, regardless of borrowing costs. Higher interest costs may only be reflected in the prices consumers pay for access to AI. These 10 stocks could mint the next wave of millionaires › On Sept. 16, the Federal Reserve raised the federal funds rate by 25 basis points to a range of 3.75%-4.00%, marking the central bank's first rate hike since July 2023. The vote was unanimous, 12-0. The rate increase was made in an effort to tamp down inflation, which has been running above the Fed's 2% target for the past five years. Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger.
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