The Fed announced its fourth consecutive 75-bps rate hike, taking the target range to 3.75%-4%, the highest level since January 2008. The series of consecutive rate hikes this year has led to a massive selloff in the market.
The Bureau of Labor Statistics reported 261,000 workers were added to non-farm payrolls in October, with the unemployment rate rising to 3.7%, suggesting that the tightness in the labor market has eased.
