Here's our plan for Monday after another painful week to own stocks

Here’s our plan for Monday after another painful week to own stocks

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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