Continuing its tightening of financial conditions to bring the rate of inflation lower, the Federal Reserve’s monetary policy committee raised the federal funds target rate by 75 basis points, increasing that target to an upper bound of 3.25%. This marks the third consecutive meeting with an increase of 75 basis points. These supersized hikes are intended to move monetary policy more rapidly to restrictive policy rates. And the Fed’s leadership has signaled they intended to hold these elevated rates for a substantial period time, well into 2024. …Looking forward, the Fed’s “dot plot” indicates that the central bank expects the target for the federal funds rate will increase by 75 more basis points in November, 50 in December, and then concluding with 25 points at the start of 2023. This would take the federal funds top rate to to near 4.8%.. ..Among the clear signs of economic slowing are just about every housing indicator.