US Federal Reserve Board Chairman Jerome Powell holds a news conference after 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 by another 75 basis points, the third consecutive hike of that magnitude. It wasn’t the rate move – which was anticipated by the market – but Fed Chair Jerome Powell’s hawkish comments on Wednesday that hurt stocks. He’s 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.