The Fed's Latest Policy Decision, Regional Banking Turmoil, and Oil's Massive Losses 05/03/23

The markets are all but certain the Fed will announce a 25-basis point rate hike at its meeting today, which would bring the benchmark rate to a 16-year high of 5.1%. Morgan Stanley's Seth Carpenter lays out his expectations. Plus, the regional banking sector closed at its lowest level since November 2020 yesterday. KBW's Christopher McGratty discusses the latest. And, it's not just regional banks: oil is down more than 1% today, extending yesterday's massive losses amid worries about the global economy and fuel demand. Energy Aspects' Amrita Sen weighs in on the sector.