Stock market sell-off: Investors 'are changing their focus'
The stock market is on track to take a leg lower this week as investors swerved to assess what kind of damage the Federal Reserve has already done to the economy following a series of aggressive inflation-fighting rate hikes.
Selling accelerated after the Fed delivered a 50 basis-point interest rate hike, bringing the benchmark rate to the highest level since 2007. The central bank also surprised market watchers in two more ways.
"However, it’s starting to look like any surprise will involve the former… rather than the latter. The action in the stock market early next week should be the time when we get the definitive answer."
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