WORCESTER – With the Federal Reserve poised to raise interest rates for the first time in 10 years, the effect upon the stock market and economy will be negligible, according to Richard B. Hoey, senior economic adviser for BNY Mellon Wealth Management.

Mr. Hoey addressed the Worcester Economic Club at the College of the Holy Cross Thursday night. In his role at BNY Mellon Wealth Management, he is responsible for monitoring the global economy, the U.S. economy and the financial markets.

With inflation low, “the Fed is raising the rates for the right reasons — improving the labor market — not for the wrong reasons of soaring inflation,” he said in an interview before his remarks.

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Source: Telegram.com