Stock index futures pointed to a significant opening decline before the bell on Thursday as traders were forced to contemplate the consequences of the Fed's hawkish tone.The Fed raised the federal funds rate by 50 basis points on Wednesday, in line with market expectations. However, the Fed's dot-plot, which shows the central bank expects to keep raising rates until 2023, spooked investors.Major U.S. stock indexes rose sharply ahead of the Fed's decision, but fell sharply after the announcement and Fed Chairman Jerome Powell's press conference. Although U.S. stock indexes recovered some of their losses by the end of the day, they still ended slightly lower.Jeffrey Roach, chief economist at LPL Financial, said the Fed has remained hawkish on interest rates because it remains uncertain about the future path of inflation. However, he does not rule out the possibility that the Fed will revise its expectations for eventual interest rates as sticky inflation starts to slow.Jeffrey Roach said: "Looking ahead, investors should focus on the path of inflation in non-housing core services, which is closely linked to Labour market conditions."In Thursday's premarket session, the SPDR S&P 500 Index ETF fell 0.96 percent to $395.56, while the Invesco Nasdaq Index Fund fell 1.19 percent to $283.10, according to Benzinga Pro.On the economic front, the Commerce Department will release November retail sales data at 8:30 a.m. Et. Economists' average estimate was for a 0.1 per cent month-on-month decline, after retail sales rose 1.3 per cent in October.Two regional Fed manufacturing surveys are due at 8:30 a.m. Et. The market expects the Philadelphia Fed's December manufacturing data to show the sector remained in contraction. The manufacturing index is expected to come in at -10, though better than November's -19.4. The New York Fed's business index of manufacturing is expected to fall to -1 in December from 4.50 in November.The Federal Reserve will release November industrial production data at 9:15 a.m. Et. Market expectations are for a 0.1 per cent month-on-month fall in output, compared with a 0.1 per cent rise in October.The Commerce Department will also report on business inventories at 10 a.m. Et.The U.S. Treasury will auction 4-week bills and 8-week bills at 11:30 a.m. Et.