The Fed lifted rates again on Wednesday to a 22-year high, and pretty much repeated the statement from last month. But there is an expectation of higher rates for longer, and that inflation would be above target for the next couple of years.
The market reacted as expected, given the hike was well signaled, but lifted the probability of another hike this year a little, but that will be determined by incoming data. The Fed meets again late September.
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