Closing Bell: Historic Fed Rate Hike Fuels Stock Rally 06/15/22

Stocks rallying after the Federal Reserve hiked interest rates by 75 basis points, which is the largest rate hike since 1994. Fed Chairman Jay Powell says a similar rate hike could be on the table for the central bank's next meeting as it tries to ease inflation. Former National Economic Council Director Gary Cohn says the Fed left open the possibility that it could get even more aggressive in future meetings and explains why he is more of a buyer than a seller in this market. Jefferies Chief Market Strategist David Zervos agrees and is no longer bearish over the short term. But Morgan Stanley Chief U.S. Equity Strategist Mike Wilson says he is fading the rally and reveals his top defensive plays.