The Fed delivers another jumbo rate rise, and it’s far from done

As recently as the start of June investors and analysts believed that a “jumbo” interest-rate rise for the Federal Reserve meant half a percentage point. How quaint. After four straight increases of three-quarters of a percentage point—the latest on November 2nd—perceptions have changed. Indeed, a stockmarket rally in the two weeks before the announcement was rooted in the belief that the Fed may scale down to a half-point rate increase at its next meeting in December. What was once jumbo is now moderate.