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The Fed lifted the federal funds rate range by 75bps to 3.00%-3.25%. Stocks sold off as Fed Chair Jerome Powell reiterated during his presser today the main points he made in his hawkish speech at Jackson Hole in late August. He stressed that monetary policy may have to be restrictive for a while to bring inflation down, and that the process may be painful.
There wasn't much new in either the FOMC's statement or Powell's presser. There was, of course, an update of the FOMC's Summary of Economic Projections (SEP). Here are the highlights:
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