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The Federal Reserve kept the fed funds target at 3.50–3.75% for a fifth consecutive meeting, but three FOMC members dissented in favor of a rate hike, an unusually hawkish split after last year's three straight 25bp cuts. The hawkish dissents raise the risk that markets reprice a higher-for-longer path, pressuring UST yields and the dollar higher and weighing on rate-sensitive risk assets including NASDAQ and BTC, even though Chair Warsh's remark that financial conditions have already tightened leans against further hikes. Watch the next CPI and PPI prints: last month's downside inflation surprises are the main counterweight, and another soft reading would neutralize the hike-dissent signal.
As a Macro signal, watch whether it changes price action, volatility, or flows around GSPC, BTC, KRW=X.
Original Source: 연합인포맥스
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