Dollar Surges and S&P 500 Drops After Fed Hikes 50bps Raises 2023 Forecast

The Federal Reserve announced its last rate decision of 2022 and it offered the ‘pivot’ that many had expected. A 50bp rate hike ended the pace for four meetings of 75bp through November, but that was expected. The real market impact is found in what the expectations are from the Fed heading into 2023.