First comes the shock to T-Bill yields, then comes the shock to jobless claims. S&P 500 closed just under the 200D moving average.

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Fed Keeps Rates at 5.50% Highest Level Since 2001, Rate Hike Still on the Table. QT Continues

The FOMC held policy rates steady with the federal funds rate target range at 5.25%-5.5%. This pause follows a cumulative 525 basis point hike in the current cycle. While the Fed left the door open for future hikes, it continues quantitative tightening, capping Treasury roll-offs at $60 billion and MBS at $35 billion monthly. The next economic projections in December will clarify expectations for potential rate cuts, as current projections delay cuts until the second half of 2024. Concerns persist about the impact of tighter credit on the economy.

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