Fed delivers 50bp hike and QT

With the Fed "highly attentive to inflation risks" it raised its policy rate by a bigger 50bp today, to between 0.75% and 1.00%, and launched its quantitative tightening; with the caps on the value of maturing principal allowed to run off each month set to quickly ramp up, from $47.5bn in June to $95bn in three months' time.

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