Apple Inc AAPL shares are trading lower by 2.56% to $148.83during Friday's session. Apple shares are trading lower amid raised fears of an economic slowdown as investors continue to assess Wednesday's Fed commentary and 75 bps rate hike.

What Happened?

TheFederal Reserveraised its target fed funds rate by 0.75% on Wednesday to a new range of between 3% and 3.25%, its third 0.75% rate hike in four months. The Fed said it will continue with its previously announced plan to let Treasury securities and agency debt and agencymortgage-backed securities roll off its balance sheet on a monthly basis.

Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures, the Fed said in a statement…Read More

See Also:Federal Reserve Issues Third Straight 0.75% Interest Rate Hike: What It Means For The Struggling Stock Market