#Fed3Dissents

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About Fed3Dissents

The FOMC held rates at 3.50%-3.75% for a fifth straight meeting, voting 9-3, but Hammack, Kashkari and Logan dissented for a 25bp hike. Per Timiraos, it's the first decision since 2016 with three united hike dissents. Chair Warsh was hawkish: "not a pause, just the start of a policy adjustment." CME now puts September hike odds near 63%, and JPMorgan pulled its call forward to December. Long yields rose, the Dow fell over 2%, crypto rebounded, gold topped $4,100. Today's PCE print is next.

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