The Fed recently announced its fourth consecutive 75-bps rate hike and is expected to implement further hikes in the near term. Federal Reserve Chair Jerome Powell believes, “It’s very premature, in my view, to think about or be talking about pausing (rate hikes).”
Consequently, the interest rate-sensitive and tech-heavy Nasdaq composite has lost 4.7% over the past week and 33% year-to-date. Economists increasingly believe the Fed’s decision could tip the economy toward a recession.
