FOMC raises target range for federal funds rate from 3.75% to 4%. FOMC anticipates that ongoing interest rate increases in the target range will be appropriate in order to attain a stance of monetary policy. "The stock market will not see a huge reaction until the press conference with Jerome Powell. I am pretty bullish on the economy. A hawkish Fed policy is likely to cause a significant global recession in 2023," says Hay Hatfield.