The US central bank does not appear to be deterred by the poor economic outlook in its fight against inflation.
It raised interest rates by 0.75 percentage points on Wednesday, opening the door for additional hikes.
The financial markets reacted very differently to the interest rate decision.
On the stock market, technology stocks in particular rose, while yields on long-dated bonds fell and the dollar hardly appreciated on the foreign exchange market.
How can these reactions be explained?
There are increasing indications that the American economy is at least temporarily weak, especially after the publication of another quarter of negative economic growth on Thursday.
This prompts financial markets to consider that while the Fed is now rapidly raising rates to curb inflation, it will stop raising rates as soon as the economy begins to fall into recession.
The financial markets are anticipating this scenario today: with a view to a recession, yields on long-term bonds are falling, falling long-term interest rates on the stock market are particularly good for technology stocks, while the looming economic weakness is slowing down the dollar's upswing.
Confidence in a Fed that manages both inflation and economic growth wisely