Federal Reserve May Have Gone Too Far As S&P 500 Tests Bear Market Low

The Federal Reserve was so worried about not being hawkish enough that policymakers probably went overboard. The Fed emerged from Wednesday’s meeting with all guns blazing: rapid-fire 75-basis-point rate hikes, more hawkish forward guidance and an unprecedented pace of balance-sheet tightening. The barrage has spiked Treasury yields to their highest level in more than a decade and the U.S. dollar index to a 20-year peak, while sending the S&P 500 tumbling near bear market lows. X That’s an awful lot of stress to put on financial markets at any time. But the current global economic foundation seems especially brittle as…