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Daily Alert: Yields dip, equities surge as Fed forgoes a 100bp-er

  • The FOMC has opted to deliver another 75bps hike in the Fed Funds rate overnight, forgoing speculation the Bank would deliver a full-percentage point lift
  • It’s the forward guidance from Jerome Powell that’s been the most notable
  • The upshot is that market pricing for the next couple of Fed meetings comes off a little bit, with about 97bps now priced by the end of the year

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