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September 22, 2022
Stocks closed sharply lower Wednesday after the Federal Reserve made another big interest rate hike and sharply increased its outlook for how high it expects to raise rates in coming months.
Short-term Treasury yields pushed further into multiyear highs after the central bank raised its short-term rate by three-quarters of a point. The Fed also said it now expects its benchmark rate to be a full percentage point higher by the end of the year than it had predicted in June.
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