(Washington)

Yesterday was a big moment for Fed and the markets. Trump has come down hard on the Fed for its relentless hikes, and the market is in the midst of a very rough period. Additionally, labor figures and inflation data have started to slip. All of that meant the Fed had the option of backing off the pedal on hikes. They didn’t, raising rates another quarter point. The central bank did make the small concession of saying they only planned to hike twice next year instead of the four increases they made this year.

FINSUM: The housing market is bad, the stock market is terrible, credit markets are weak, and inflation is falling. Why is the Fed still hiking?