Feds raise rates (again). Banks follow suit. Yet markets continue to defy gloomy predictions.

As expected, the Fed raised interest rates a quarter point to 5% but hinted at a willingness to consider pausing in its two-year rate-raising campaign. This is the 16th consecutive quarter-percentage-point raise since June 2004. In response, U.S. commercial banks raised their prime rate, a benchmark for many business and consumer loans, to 8% from 7.75%.

Read the whole article from the front page of today's WSJ HERE

Read a related article on the seemingly incongruous Bull Market, also from today's WSJ front page, HERE