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Today brought the much-anticipated policy announcement from the Federal Reserve.  Many people mistakenly believe that the Fed’s present day decisions to hike/cut its policy rate (the “Fed Funds Rate”) are important to financial markets, but by the time the Fed pulls those triggers, markets have long since moved on.

In other words, today’s 0.50% rate hike from the Fed was as close to a 100% certainty as anything ever is when it concerns the future.  The bond market was more interested in the assertion from Fed Chair Powell that the committee isn’t even considering raising rates by more than 0.50% at any subsequent meeting.  Until then, there was some speculation about 0.75% increments.