Markets reacted joyously to the Fed’s expected rate hike Wednesday amid more news running counter to the predominant recession-is-looming narrative. The US economy managed to expand in the second quarter despite high inflation and central bank tightening, avoiding even the “technical” appearance of a downturn. Fed Chair Jerome Powell, speaking after the rate increase was announced, said a similar move was possible again and rejected any recession speculation. “Demand is still strong, and the economy is still on track to continue to grow this year,” Powell said.