1. The Federal Reserve recently raised interest rates for the eighth time since last March, but bank savings accounts are not offering higher rates.
2. Stocks rallied after the rate hike, as investors were comforted by easing inflation pressures and looked forward to earnings from Facebook and Instagram owner Meta Platforms.
3. The Fed removed Covid from its policy statement for the first time in nearly three years, and Fed Chair Jerome Powell noted that lower inflation could actually help buoy GDP in the long run.
The article is generally reliable and trustworthy, providing accurate information about the Federal Reserve's recent rate hike and its implications for stock markets and consumer spending. The article also provides a detailed explanation of why the Fed removed Covid from its policy statement, which is supported by quotes from Fed Chair Jerome Powell. However, there are some potential biases in the article that should be noted. For example, it does not explore any potential risks associated with raising interest rates or removing Covid from its policy statement. Additionally, it does not present both sides of the argument equally; instead, it focuses on how rising rates can benefit consumers without exploring any potential drawbacks or counterarguments. Finally, there is a promotional element to the article as it encourages readers to move their money to an online bank's high-yield savings account in order to benefit from rising rates.