Fed Raises by 75 bps, Esther George Dissents, Markets Sell-Off on Thursday

In one of the more extraordinary Fed days in recent memory, the FOMC came in with the largest interest rate hike since 1994. To give a gut check, this is when Whitney Houston’s “I Will Always Love You” was at the top of the charts. The move was particularly significant given that Powell had recently said that 75 bps was off the table. The Fed funds rate is now a range between 1.5% and 1.75%. The widely watched Summary of Economic Projections (SEP) also indicated that all 18 Fed officials ...

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