Traders refrained from making big bets ahead of the announcement, with the S&P 500 pushing away from a two-month low. Ten-year US yields dropped, while shorter-term rates were roughly flat.
That doesn’t mean Powell will walk back some of his hawkish rhetoric as that could harm the central bank’s credibility, according to Maley, who remarked that even the Fed officials who had been “quite dovish in the past have been quite hawkish recently.”
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