The Federal Reserve makes a big move to fight inflation. And TurboTax is paying a big fine.
Good afternoon. It’s the biggest hike by The Fed since 2000 – raising the benchmark interest rate by half a percentage point. And the markets celebrated anyway.

The Dow jumped 932 points, almost 3%, to close at 34,061
The Nasdaq was up over 3%, gaining 401
The S&P also jumped exactly 3%, finishing up 124.

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Fed chairman Jerome Powell says the rate hike should help cool down the economy amid the worst inflation in 40 years. But the Russia-Ukraine conflict isn’t helping keep food and energy prices where they should be. The rate is now around 1%.

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TurboTax owner Intuit will pay $141 million to millions of low-income Americans. The agreement says Intuit unfairly charged them for services that should have been free.

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Moderna sold almost $6 billion worth of COVID vaccine in its first quarter. That was way above expectations. Shares jumped 7%.

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From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.