Wall Street points lower after Fed warns of higher rates

by a half-point Thursday morning and the European Central Bank is expected to follow suit later Thursday with a similar increase.

“The Fed did not welcome the disinflation trends that have just started to emerge and focused on robust job gains and elevated inflation," Edward Moya of Oanda said in a commentary."Any hopes of a soft landing disappeared as the Fed seems like they are committed to taking rates much higher." The Fed plans to hold rates at a level high enough to slow the economy “for some time” to ensure inflation really is crushed. Projections released Wednesday did not include any rate cuts in 2023.

The update forecast a 3% expansion for China, the world's second-largest economy, in 2022, with growth in 2023 expected to rise to 4.3% as stringent pandemic restrictions are eased.

The 31 trillion national debt is not helping either.

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