The headlines out of the Fed's meeting earlier today were all about the widely expected 0.75 percentage point interest rate increase. The news was in two sentences that give a clear view of how the Fed's plans are evolving.

• The central bank is soon going to slow down the speed at which it raises interest rates, but sees the level the rates will ultimately reach as higher than just a couple of months ago, Axios' Neil Irwin writes.

Why it matters: It matters more for stock and bond prices where rates end up than exactly which month they get there.

• So a higher "terminal rate" is bad for financial assets. But by moving more gradually, it is less likely the Fed will make a massive error by overshooting.
• It was that first revelation that drove a late-afternoon sell-off on Wall Street, with the S&P 500 closing down 2.5% and Treasury yields rising.

How it happened: In its written policy statement issued at 2pm ET, the Fed added language saying that in future rate increases, it will take into account the cumulative monetary tightening that has occurred thus far and the lagged effects of its policies. Markets rallied.

• But in his comments at 2:30pm, chair Jerome Powell added wrinkles. He said that data since their last meeting suggests that the "ultimate level of interest rates will be higher than previously expected."
• Later, he emphasized that pausing rate increases is not at all on the table.

In other words: Yes, the next rate hike in December might be 0.5 percentage points instead of 0.75 points. But higher borrowing costs are here to stay.

Nearly one-third of all board directors among S&P 500 companies are women, Hope writes.

• Women now represent 32% of all S&P 500 directors — the most ever.
• That's up from 30% last year, and it's an 86% increase over the past decade when the makeup of women on boards was just 17%, a new study from leadership consulting firm Spencer Stuart finds.

Why it matters: Boards are playing a bigger role in ensuring more diversity inside businesses — especially for leadership pipelines.

Go deeper.

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Local officials in the Henan province of China on Wednesday ordered a seven-day COVID lockdown of a city district that houses an industrial park owned by Foxconn, the largest iPhone manufacturer, according to Reuters.

• The restrictions mark a retightening of a quasi-lockdown of Zhengzhou, a city of 13 million people, as hundreds of new COVID cases have popped up over the past few days, Hope writes.

Zoom in: The new lockdowns also put greater pressure on the Apple supplier, which has been trying to smooth tensions with workers and to keep them from fleeing.

• One source told Reuters that iPhone production at the factory could fall by up to 30% next month, though Foxconn is trying to make up that lost production at other facilities.
• Foxconn and Apple did not immediately respond to requests for comment.

The big picture: The potential production impact highlights the ongoing disruptions from the Chinese government's measures to fight COVID.

Virtual MBA programs are on the rise, with schools seeking to combat declining demand for full-time traditional programs, the Wall Street Journal reported.

State of play: The number of online offerings more than doubled between 2009 and 2020 at accredited business schools, according to the report.

• Now even highly ranked programs — including UPenn's Wharton School and Georgetown's McDonough School of Business — are joining the trend.
• NYU's Stern School of Business and Cal Berkeley’s Haas School of Business offer the option already.

The bottom line: The prices are the same, whether you're in the classroom or at your kitchen counter. But flexibility is increasing.

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