Key Points The Federal Reserve just raised interest rates, and further increases are likely over the next year. The last rate-hike campaign coincided with significant declines in some pharma stocks. The interest rates were not the main reason prices dropped, though they certainly didn't make things any better. 10 stocks we like better than AbbVie › On Sept. 16, the Federal Reserve hiked interest rates. It happened to follow a decidedly hawkish August speech by the new Fed Chairman, Kevin Warsh. At the September meeting, Warsh said that inflation "is too high and has been for too long." The implication of his comment is that rates would need to rise further to better tamp down inflation and remain elevated for a longer period.
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