Spending on track to slow in Q3
New 3% to 3.25% range is highest since 2008
Stock prices tumbled and bond yields rose as many investors feared a more aggressive Federal Reserve
Higher rates likely won't cause deep U.S. recession, Powell says
Unemployment rose to 3.7%, from 3.5% in July
Powell's message may disappoint investors who were hoping for a signal that the Fed might soon moderate its rate increases
Wednesday's report increased hope that the modest slowdown might enable the Fed to slow the pace of its rate increases
The 75-basis-point increase brings the key rate to the highest level since 2018
The U.S. Federal Reserve's rate hikes aren't suited to address all the causes of high inflation, however
Esther George of the Kansas City Fed sounded a more cautionary note in a speech Monday