US Federal Reserve Chairman Jerome Powell holds a press conference after the Federal Reserve raised its target interest rate by three-quarters of a percentage point in Washington, September 21, 2022.
Kevin Lamarck | Reuters
Stocks took a hit this week as the Federal Reserve raised interest rates by another 75 basis points, the third consecutive increase of that size. It wasn’t price action – which the market had expected – but Fed Chairman Jerome Powell’s hawkish comments on Wednesday that hurt stocks. It is now targeting a 4.4% rate at the end of the year, up from the 3.4% rate forecast at the central bank’s June meeting.
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