And I’d argue that this is precisely why certain areas of the market such as speculative growth stocks, meme names, and Cathie Wood’s ARK Innovation ETF (NYSEARCA:ARKK) have fared particularly poorly. However, the post-decision press conference left the door open to a surprise 50 basis point rate hike, instead of the expected 25 pointer, in March. Since then, Fed members such as James Bullard have added fuel to the fire, suggesting that the bank will act aggressively and imminently to stamp out inflation.