The U.S economy muddled through a spate of high inflation, with employment staying strong last year despite inflation rising to a 40-year high. Now, markets are signaling that the muddle is ending and something worse is replacing it.
The Federal Reserve, the markets’ BFF during much of the last decade, is now more like a frenemy. On Sept. 21, the Fed raised interest rates by three-quarters of a percentage point, as expected. It also signaled more aggressive rates hikes ahead.
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