Recession

Happy Friday eve, readers. Phil Rosen here. Surprising no one, the Fed raised interest rates by 25 basis points yesterday. 

That puts the Fed Funds Rate above 5% for the first time since 2007. Remember, the higher that goes, the more expensive it becomes for consumers and businesses to borrow.

Good morning, team. I'm Phil Rosen. If you missed it Monday, regulators seized First Republic Bank and JPMorgan took over the majority of its assets.