Today the Federal Reserve raised interest rates by 75 basis points. They also were more hawkish than people expected. In their FOMC statement and “dot plot” they increased the speed and size of coming interest rates hikes and predicted that they would not lower rates until 2024 once they stop raising rates. That helped to fuel further selling in the DOW, which fell 500 points, for another day in what has become bear market 2022. Gold at first fell with the market on the initial news, but managed to finish the day in the green. To discuss today’s news and action in the financial markets I talked with David Skarica of addictedtoprofits.net to get his perspective. He made comparisons with past Fed rate hiking cycles to help us understand this situation and navigate what is next going forward.
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