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Despite the fact that markets were 90%+ certain that the Fed was done hiking, both the equity and fixed-income markets were surprised that the hawkishness, that had been so prevalent for the past 18 months, had completely disappeared. We were surprised, too! The dovish policy statement and Chair Powell’s demeanor complemented each other. We think that most of the Fed meeting was devoted to what the rate cutting cycle should look like and its cadence. Clearly, the Fed is now reading from the same hymnal as the markets regarding the inflation devil. Officially, then, the inflation war is over and the inflation foe has been vanquished. And, as we predicted in our September 22nd blog, “Higher for Longer” did prove to be “transitory.”10-Year Treasury R …
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