⚠️BREAKING: *U.S. STOCKS EXTEND LOSSES AMID RECESSION FEARS $DIA $SPY $QQQ 🇺🇸🇺🇸
was down 1%. The indexes were heading toward their second straight weekly decline and the first negative December in four years.
This week, the Fed signaled interest rates would stay higher for longer, and that it wasn’t done with raising rates and holding them higher for longer. The Fed even indicated its benchmark rate would probably rise above 5% next year, which is higher than investors expected just a few weeks ago. Now, the policy rate is expected to rise to 5.1% next year, the Fed said, a level it hasn’t reached since 2007. Gross domestic product growth is expected to slow, the Fed said, and unemployment is expected to rise.of its rate hiking to a half percentage point, it isn’t expected to stop raising rates next year. The market is anticipating at least two increases of at least a quarter point each next year.
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