The Federal Reserve has raised its benchmark interest rates by another 75 basis points today for the second straight month to battle high inflation. Since the consistent rate hikes could push the economy into a recession, the market is expected to remain under pressure.
Moreover, the International Monetary Fund cut its global growth projections for 2022 and 2023, stating that the world’s economic outlook is “gloomy and more uncertain.” The CBOE Volatility Index has gained 39.1% year-to-date.
