Getting ahead of themselves Usually, after FOMC decisions, we get to hear nuances and opinions from various members through interviews. In Chair Powell’s press conference the previous week, he left a third 75bps hike on the table, but market participants saw it as a “pivot” (potentially slower rate hikes in the future) and stocks rallied.  This week, members tried to correct that potential misconception. Recall that the last rate hike was unanimous, meaning that members are hawkish across the board. Mary Daly, of the San Francisco Fed (who is not voting this year) and can afford to be more candid, said that “Markets are getting ahead of themselves on Fed cutting rates”. A tale of two markets The bond market took those comments to heart: with both the 2 year and 10 year treasuries up higher by 20-25 bps but the equity market (using Tech stocks as a proxy) continued...