Federal Reserve raiser rates by another 0.75%

The US Federal Reserve raised interest rates in the US by another 0.75% to 3% in what was largely expected by the market. What was unexpected was the more downbeat assessment of the economic growth in the US over the coming year and how the path of interest rates was going to have to rise to meet what the FED said was a more persistent inflation problem. US stocks responded negatively on the news that rates might go higher than expected and remain there for longer as well as beginning to price in a deeper recession.