Fed September Meeting: The Job's Not Done

Russell Investments profile picture
Russell Investments


  • The U.S. Federal Reserve delivered its third straight 75-bps rate hike on Wednesday.
  • Based on the Fed's updated economic projections, the growth outlook is for a weaker economy over its projection horizon versus its June update.
  • We know policy works with a lag, and inflation is a lagging indicator.
  • We remain cautious about the outlook for the business cycle and expect market turbulence to persist.
  • Maintaining a diversified asset allocation and investment discipline will be crucial.

FED federal reserve of USA sybol and sign.


Despite a minority view for a 100-basis-point (bps) rate hike, on Wednesday the U.S. Federal Reserve (FED) stuck with the consensus and delivered its third straight 75-bps rate hike instead, raising the federal funds target rate to 3.0% to 3.25% - the highest since 2008 - and signaling more super-sized

Chart: Federal funds target rate

Chart: Federal funds target rate (Source: Refinitiv DataStream, as of September 21, 2022.)

This article was written by

Russell Investments profile picture
Russell Investments is a leading global investment solutions firm with $326.9 billion in assets under management (as of 3/31/2021) and $2.8 trillion in assets under advisement (as of 12/31/2020) for clients in 32 countries, The firm provides a wide range of investment capabilities to institutional investors, financial intermediaries, and individual investors around the world. Building on an 85-year legacy of continuous innovation to deliver exceptional value to clients, Russell Investments works every day to improve people’s financial security. Headquartered in Seattle, Washington, Russell Investments has offices in 19 cities around the world, including in New York, London, Tokyo, and Shanghai.  Russell Investments’ ownership is composed of a majority stake held by funds managed by TA Associates with minority stakes held by funds managed by Reverence Capital Partners, Russell Investments' management and Hamilton Lane Incorporated.Frank Russell Company is the owner of the Russell trademarks contained in this material and all trademark rights related to the Russell trademarks, which the members of the Russell Investments group of companies are permitted to use under license from Frank Russell Company. The members of the Russell Investments group of companies are not affiliated in any manner with Frank Russell Company or any entity operating under the “FTSE RUSSELL” brand.

Additional disclosure: This material is proprietary and may not be reproduced, transferred, or distributed in any form without prior written permission from Russell Investments. It is delivered on an “as is” basis without warranty.

Products and services described on this website are intended for United States residents only. Nothing contained in this material is intended to constitute legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. The general information contained on this website should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional. Persons outside the United States may find more information about products and services available within their jurisdictions by going to Russell Investments' Worldwide site.

Russell Investments is committed to ensuring digital accessibility for people with disabilities. We are continually improving the user experience for everyone, and applying the relevant accessibility standards.

Russell Investments' ownership is composed of a majority stake held by funds managed by TA Associates, with a significant minority stake held by funds managed by Reverence Capital Partners. Russell Investments' employees and Hamilton Lane Advisors, LLC also hold minority, non-controlling, ownership stakes.

© Russell Investments Group, LLC. 1995-2022. All rights reserved.

Recommended For You

Comments disabled for this article
To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.