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#FedFirst25BpsHikeSince23 The Fed finally moved again, raising rates by 25bps to 3.75%–4.00% after five straight holds 🏛️ What caught my attention wasn’t the hike itself, but the dot plot: 16 of 18 officials now expect at least one more increase before the end of 2026. That makes this feel less like a one-off adjustment and more like the possible start of another tightening phase. The market reaction was telling. The Dow dropped over 600 points, while the Nasdaq stayed nearly flat. With the 10-year yield above 5%, expensive assets still have a difficult backdrop 📉 There’s also a clear gap between the Fed and the White House, which continues to push for lower rates. To me, the next inflation reports matter more than the political noise. Will they reinforce the Fed’s stance—or make this hike look overly cautious?