US Federal Reserve Board 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 on September 21, 2022.
Kevin Lamarque | Reuters
Equities suffered a setback this week as the Federal Reserve raised interest rates by another 75 basis points, the third consecutive hike of that magnitude. It was not the rate move – which had been anticipated by the market – but the aggressive comments by Fed Chairman Jerome Powell on Wednesday that hurt the shares. It now aims for a rate of 4.4% at the end of the year, up from the 3.4% rate forecast at the June central bank meeting.