The Federal Reserve hiked its policy interest rate by 75 basis points last week, the third such increase in a row, and signaled further hikes this year. Moreover, according to the latest Bureau of Economic Analysis GDP estimate issued Thursday, the U.S. economy shrunk by 0.6% in the second quarter, heightening concerns about an impending recession following two consecutive quarters of negative growth.
The major market indices have experienced massive declines lately. According to market strategists, stock market declines have wiped out more than $9 trillion in value from American households.
