The Fed announced its third consecutive 75-bps interest rate hike last week, which has caused the benchmark indices to plunge. The S&P 500 has lost 5.2% over the past week and 23.3% year-to-date. Moreover, Goldman Sachs slashed its 2022 year-end S&P 500 target to 3600, down 16.3% from 4300.
According to Chris Zaccarelli, Chief Investment Officer, Independent Advisor Alliance, Charlotte, NC, "The Fed is going to raise rates until inflation comes back down, and they will cause a recession in the process."
