Invesco QQQ (QQQ): ETF Research Reports We’re well off the cycle highs from June of this year (+1.3%), but going the wrong direction for the Fed to change its tack on hiking interest rates by 3/4 of a percent. This again is bad news for those hoping for a Fed pivot, near-term; as long as wage growth has a lane to move, this will be another inflationary element that has yet to come under control.