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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we took a look at the market’s performance on this particular Fed Day. After some choppy action initially in reaction to the 2 PM FOMC rate hike of 50 bps, the S&P 500 ripped 3.33% from 2:35 PM ET through the close. The catalyst for the move came when Chair Powell answered “no” when CNBC’s Steve Liesman asked him if 75 bps rate hikes were on the table. Bond yields fell sharply in conjunction with the rally in stocks as financial markets clearly viewed the comments as dovish relative to what was expected coming into today’s meeting.
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