A persistent fear among some investors was that the central bank would go too far with its rate hikes, slowing the economy too much in its zeal to bring prices down. Markets repeatedly sold off in 2022 as investors anticipated the Fed’s moves. Taking some of the worst losses was the tech sector, whose riskier, growth-oriented business model makes it more vulnerable to shocks, even minor changes in interest rates. The Nasdaq lost a third of its value.