The SPDR S&P 500 ETF Trust (NYSE:SPY) broke a four-week winning streak this week as the latest commentary from the Federal Reserve suggests investors can expect aggressive interest rate hikes to continue.
On Wednesday, the Fed released minutes from its policy-setting meeting in July that revealed the central bank is prepared to continue raising interest rates until inflation subsides substantially. The bond market is pricing in another rate hike of at least 0.5% in September.
