Here's our plan for Monday after another painful week to own stocks

Here’s our plan for Monday after another painful week to own stocks

US Federal Reserve Board Chairman Jerome Powell holds a news conference after the Federal Reserve raised its target interest rate by three-quarters of a percentage point in Washington, September 21, 2022.

Kevin Lamarque | Reuters

Stocks took a beating this week as the Federal Reserve raised interest rates by another 75 basis points, the third consecutive hike of that magnitude. It wasn’t the rate move — which was anticipated by the market — but Fed Chair Jerome Powell’s hawkish comments on Wednesday that hurt stocks. He’s now targeting a rate of 4.4% at the end of the year, up from the 3.4% rate projected at the central bank’s June meeting.

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