"The Committee is highly attentive to inflation risks"

Yesterday's FOMC statement said in part (my paraphrase):

• Ukraine war is fueling inflation and suppressing economic activity globally.
• Committee seeks to achieve maximum employment and 2% inflation in the "longer run."
• Ongoing rate increases are anticipated to be "appropriate" to return inflation to 2% over time.

Stocks rose initially on publication of the FOMC statement, but then tumbled during Chairman Powell's news conference. At the end of the trading day, the Dow was down more than 500 points (about -1.6%), the S&P 500 was down 2.5%, and the Nasdaq Composite was down 3.4%.

How will this (and likely future) interest rate hikes affect US 2022 holiday and travel spending? Watch this space.