Powell doesn’t need to buy in full to drop stocks

Rhetoric comes from the Federal Reserve not too hawkish for many decades. Investors, especially stocks, are probably getting too complacent.

The Fed on Wednesday raised the benchmark federal funds rate by three-quarters of a percentage point, to a range of 3% to 3.25%, as expected. Fed policymakers’ projections for rates later this year are also up: Their median forecast now is for the federal funds rate to hit 4.4% by then.

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