The Fed Just Hiked for the First Time in 3+ Years, and the Real Signal Is What Comes Next

The Fed just raised rates for the first time in more than 3 years, but the hike isn't the real story. With 16 of 18 policymakers projecting another hike by year-end, markets are repricing the whole path. The 2-year yield jumped, the Dow slid, and the Nasdaq held firm. The next test comes when bond markets reopen today.