SUMMARY OF FED DECISION (5/3/23): 1. Fed raises interest rates by 25 bps 2. Fed omits prior language signaling more hikes ahead 3. Will continue reducing balance sheet as planned 4. Says that 25 bps rate hike was unanimous The Fed seems to be opening the door for a "pivot. Interest rate futures now showing rate cuts beginning in September after this decision. The Fed is pulling back on their hawkish tone as the banking crisis worsens. It is possible we are already in a recession. Follow us @KobeissiLetter for real time analysis as this develops. https://twitter.com/kobeissiletter/status/1653822286611247104?s=46 6.1K views19:31
