..Fed hikes rates 25 basis points. Two more hikes on tap for 2018. AT&T gets approval for acquisition of Time Warner. More M&A in the wings. Financial Review by Sinclair Noe for 06-13-2018 DOW – 119 = 25,201 SPX – 11 = 2775 NAS – 8 = 7695 RUT – 5 = 1676 10 Y + .02 = 2.98% OIL + .26 = 66.62 GOLD + 3.60 = 1299.80   The Federal Reserve increased the target range for its benchmark interest rate to 1.75%-2%. This is the second rate hike of the year and seventh since the financial crisis. The Fed had indicated that it would raise rates 3 times in 2018, but with today’s announcement they indicated they will probably raise rates 4 times (or 2 more times) this year, depending on data.   Fed Chairman Jerome Powell, speaking at a news conference after the Fed’s two-day meeting, said the economy has strengthened significantly since the financial crisis and is approaching a “normal” level where monetary policy may no longer be needed to either encourage or discourage economic activity. A statement released at the end of the Fed’s two-day meeting took several steps to show officials no longer view the United States economy as needing a boost and are instead beginning to worry more about the threat of inflation.   Officials noted that economic activity has been rising “at a solid rate” — a change from their May statement, when they called the rate “moderate.” Quarterly economic projections released ...