Oil prices continued to slide on Wednesday afternoon after the Federal Reserve announced it would hike rates by 75 basis points. Fed Chair Jerome Powell acknowledged last month that rate hikes would cause pain—pain intended to bring about demand destruction necessary for bringing down inflation. The rate hike was expected heading into the meeting, with most analysts foreseeing a rate hike of 75 basis points, while a few analysts were anticipating a 100 basis point hike. Oil prices were already trending down prior to the meeting. The…
