The Fed whacked the equity markets with the expected 50 basis point hike–but with follow up statements that they will remain vigilant and still have work to do–a hawkish tone. The S&P500 moved 2% lower at 1 p.m. central–and moved almost another point lower when Powell began to speak with a hawkish tone.
Interest rates (10 year treasury) are up 3-4 basis points–nothing too harmful.
All I can say at this point in time that those without patience in their investing are going to be disappointed–this game is going on through 2023. The next Fed meeting isn’t until January 31st/February 1st–so lots and lots of data to be scrutinized between now and then. No one can predict what we will see for a rate hike in February–assuming there is one.
For a month or two I am going to assume little upward movement in preferreds and baby bonds–just collect some fat dividends.