⚠️BREAKING: *U.S. STOCKS PLUNGE AS HAWKISH FED DASHES POLICY PIVOT HOPES - $DIA $SPY $QQQ 🇺🇸 🇺🇸
-Wall Street's main stock indexes were set to open sharply lower on Thursday, as the Federal Reserve's guidance to stick to protracted policy tightening quelled hopes of the rate-hike cycle ending anytime soon.
The Fed's policy-setting committee projected it would continue raising rates to above 5% in 2023, a level not seen since a steep economic downturn in 2007. Money market participants currently expect at least two 25 bps rate hikes next year and borrowing costs to peak at 4.9% by May next year, before falling to around 4.4% by year-end.
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