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The Fed candidly admitted today’s soaring inflation is not what it had in mind.
The S&P remains hunkered near that 4200 level that has acted like a magnet to its highs and lows. The bond market decided perhaps it should take inflation seriously again after all, with yields immediately spiking six basis points post Powell.
As anticipated, the Fed said it will be holding its accelerator foot down to the floor for many months ahead (Fed dot plot says into 2023), apparently to see if it can get that inflation to run hotter still.