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Fed's Powell remains resolutely hawkish

The Fed raised its policy rate by another 75bp today, to between 3.75% and 4.00%, but laid the groundwork in the accompanying statement for a downshift to a 50bp hike at the next meeting in mid-December. With Chair Jerome Powell noting repeatedly that the Fed still “has a ways to go”, however, this was far from the dovish pivot performed by the ECB and Bank of Canada last week.

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