The article from Bloomberg reported that St. Louis Fed President James Bullard said policymakers should raise interest rates to at least 5% to 5.25%, hitting financial markets as investors recalibrated bets on how high officials would go.

"In the past, I have said 4.75% to 5%," he told reporters Thursday after giving a speech in Louisville, Kentucky. "Based on this analysis today, I would say 5% to 5.25%. That's a minimum level. According to this analysis, that would at least get us in the zone."

https://www.bloomberg.comews/articles/2022-11-17/fed-s-bullard-says-more-hikes-needed-to-get-to-restrictive-level

Hoping It's 1995 Stocks and bonds had a stellar year following the 1994 hiking cycle S&P 500 Index - Annual Return -20 Percent -20 --40 Bloomberg US Treasury - Annual Return 20 10 Percent 0 -10 1995-1999 2000-2004 2005-2009 2010-2014 2015-2019 2020-2024 Source: Bloomberg Bloomberg