Conn. (WTNH) — In another attempt to avoid a deep recession, the Federal Reserve raised interest rates today by three-quarters of a percentage point, matching last month’s historic move. The goal? Confine runaway inflation without creating a recession.

In announcing the rate hike, the chair of the Federal Reserve, Jerome Powell, said the job market is tight and inflation remains much too high.

Do rate hikes hurt stocks? Forbes advisor, a global platform, said over the long term, the answer is no, although higher rates might be an incentive to sell stocks and take the profits.

Chuck Failla is the founder of the Sovereign Financial Group. He said people need to be sure about what is “long term” for them before making any move.

“What the planning will do is answer two questions: how much money do I need and when do I need that,” Failla said. “So for example, how much money do I need? How much money do I need for a down payment for the house I want to buy in six months? How much money do I need to educate my child in 10 years, and how much money do I need to retire in 20 years?

On the subject of the housing market, what if you’re in the market for a new mortgage or if you have one with an adjustable rate? Analysts don’t expect mortgage interest to respond very much. Brian Skelly of William Raveis agrees.

So, is it still a good idea to buy a home?

“I think if you’ve been wanting to buy a home and you’re planning to stay there for awhile, don’t get too caught up with what’s going on with the rate,” Skelly said. “Regardless what’s going on with mortgage rates, home ownership is a good idea for people who are gonna be in the home for a while. “

He said the general concern about going into a recession is actually what has kept rates stable, as rates tomorrow won’t be drastically different than they were yesterday.