Stock Market Today: Stocks Go on Wild Ride as Fed Targets More Rate Hikes

Stocks spent most of Wednesday in positive territory, but went on a roller-coaster ride after the Federal Reserve, as expected, issued its third straight 75 basis point rate hike.

The Fed’s rate hike sparked plenty of chatter among Wall Street’s experts, with the main focus on what the central bank plans to do next. Today’s move brought the Fed’s benchmark federal funds rate to between 3.0% and 3.25%, with projections from the 19 voting members of the Federal Open Market Committee (FOMC) targeting a range of 4.25% and 4.5% by year’s end – a half-percentage point higher than where it was in June. Doing the math, that means rates need to rise another 1.25% over the central bank’s remaining two meetings (in November and December).