By Market Rebellion The Fed issues a 75 basis point rate hike, in line with market expectations. Market reaction muted thus far. QUICK LOOK:Federal Reserve announces a raise in interest rates to a new range of 1.50% to 1.75%, up 75 basis points (in line with market expectations).Federal Reserve anticipates ongoing increases to the Federal Reserve funds rate.Fed hikes 2022 inflation outlook to 3.4%, up from 1.9%.Largest rate hike since 1994.Fed cuts 2022 GDP growth forecast by -1.1%, from 2.8% to 1.7%.Core inflation outlook will decline to its target of 2.3% by 2024.One descent, Esther George, …