Another Fed came and went. But whereas in the past the adage has largely been, fade the first move, today the first move was the right one. Sure we had the typical knee-jerk, but post that, equities were quickly jerked lower and stayed that way. It was a given from the get-go that the Fed would be aggressive, and while there was some debate around a 100bp hike, the reasoning behind the increased hike had to do with just the latest hot CPI print.
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