As the Federal Reserve of the United States raised its expectation of the final interest rate level in the current interest rate increase cycle, the New York stock market sold off on the 2nd day, and the three major stock indexes fell significantly. The Federal Reserve announced a 75 basis point interest rate hike after the two-day monetary policy meeting ended on the 2nd. Since March, the Federal Reserve has raised interest rates for six consecutive times, with a cumulative increase of 375 basis points. The level of the federal funds rate has risen to the highest level since January 2008. At the press conference held after the meeting, Federal Reserve Chairman Powell said that the latest data showed that the interest rate level at the end of the current interest rate increase cycle would be higher than previously expected. It is too early to talk about suspending interest rate increases. This statement stimulated the decline of New York stock market. On the same day, the Dow Jones Industrial Average fell 505.44 points, or 1.55%, to 32147.76 compared with the previous trading day; The Standard&Poor's 500 stock index fell 96.41 points, or 2.50%, to close at 3759.69; The Nasdaq Composite fell 366.05 points, or 3.36%, to 10524.80. The non essential consumer goods and technology sectors were under pressure, and the stock prices of such heavyweight companies as Amazon, Netflix, Yuan, Tesla, Apple, Alphabet and Microsoft fell sharply. Industry analysts believe that the Fed's interest rate hike may last longer than expected, and the US stock market is expected to continue to look for the bottom. Mark Heifer, the global chief investment officer of UBS Wealth Management, said that the market's expectation of the peak federal funds rate next year rose to more than 5% from 4.8% last week. Vladimir Jolnov, market analyst of US Foreign Exchange Empire, said that after Powell held the press conference, the S&P 500 index faced strong pressure, and falling below 3760 points would push it to the support level of 3725 points. Lisa Shalett, chief investment officer of Morgan Stanley wealth management department, also said recently that the New York stock market has not reached the bottom. As this bear market is caused by the monetary policy of the Federal Reserve, it will last longer. The stock market needs to fall further to reflect the deterioration of the performance outlook, and the adjustment of the market to the enterprise performance expectations has just begun. (Liu Xinshe)