The Federal Open Market Committee was expected to announce nothing of substance today and it did not disappoint. Its Fed funds target rate remains 5.25%%-5.50%. The balance sheet rolloff continues apace.
Markets have been rallying on speculation that fed funds has reached the peak for this cycle and will turn lower in a few months. At which point they will rally because rates have reached the peak for this cycle and have turned lower.
Does something here not quite add up? Pivot once, rally twice. Nice work if you can get it.