The FED lifted by the expected 25 basis points overnight. In the press conference he was still underscoring the need to strangle inflation but was also sanguine on the markets – which traders took as a positive sign.
That said, the disconnect between the FED and the markets continues, suggesting further short-term strength, before reality sets in, or the FED really backflips.
Disinflation is now the new watch word!
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