Who will feel the pain from Fed's hawkish stance? A strategist weighs in

STORY: The Federal Reserve raised its target interest rate by three-quarters of a percentage point to a range of 3.00%-3.25% on Wednesday and signaled more large increases to come in new projections showing its policy rate rising to 4.40% by the end of this year before topping out at 4.60% in 2023 to battle continued strong inflation.

Rate cuts are not foreseen until 2024.

Mahn teased out the ripple effect he said rising mortgage rates would have on consumers.

"Remember that real estate is the largest asset on most household balance sheets. So if in fact those real estate values start to come down in value, that's gonna have an impact on consumer sentiment"... which will cause consumers to spend less, Mahn said.