Powell Has Pretty Much Sealed the Fate of the Short-Term Stock Market
For the third consecutive time, the U.S. Federal Reserve raised the Fed Funds rate by three-quarters of a percentage point, putting the overnight lending rate between 3.00% and 3.25%.
Earlier this year, that rate was near 0%.
Fed Chairman Jerome Powell indicated that while it was not his goal, a recession may be necessary to tame inflation. “There is a very high likelihood that we will have a period of … much lower growth,” said Powell in remarks after the rate hike…