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The Fed is “in” on raising rates. They have begun their inflation-fighting battle with a 75-basis point increase. The collateral implications are broad and also quite serious.
All of this will also spill over into the equity markets as corporate revenues and profits decline. The tide has turned, and the Fed has turned it.
Yesterday’s reaction to the Fed’s decision was a “relief rally,” but I do not expect it to hold. More pain is coming, and now it is just a question of how to deal with it.