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Fed Chairman Jerome Powell held his press conference and expressed his views – which were significantly more hawkish, in my view, than the FOMC minutes. Once again, the markets are faced with a great deal of uncertainty, as we have no real idea of how many rate increases will be implemented or when the Fed is actually going to pare back its balance sheet and by how much. It’s clear that the days of easy money are coming to an end as our “borrower’s paradise” evaporates.
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