News Snapshot:
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...
