U.S. Federal Reserve Board Chairman Jerome Powell holds a news conference after the Federal Reserve raised its target interest rate by three-quarters of a percentage point in Washington, September 21, 2022.
Kevin Lamarque | Reuters
Stocks took a beating this week as the Federal Reserve raised interest rates another 75 basis points, the third straight hike of this magnitude. It wasn’t the rate move – which the market had been pricing in – but Fed Chairman Jerome Powell’s hawkish comments on Wednesday that hurt stocks. It is now targeting a rate of 4.4% at the end of the year, up from the 3.4% rate projected at the central bank’s June meeting.
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