It was a hawkish message, though Fed Funds expectations were largely unchanged after the meeting and press conference.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjP1RrK-VxO-GEgXPcaofCRuFsHW8VzB2IMTkum6ptirWE7FpmUcOasgUHO2kTBi4ahb09ihKrNe2ep86vn5g31caj5mVY1Oo3SLDC9UAuh6gHx69ZC5V5aoQPStHd4b8d7B-q9rVZ1pE7YaphmKtfZZxWxLplYWdVsK7dSU3D8QELYVd7uFyEJtC0Mpg/w355-h400/Fed%20Funds%20probability.png)
Stock prices reacted by skidding badly. The S&P 500 ended the day -2.5%. The Fed has made it clear that it wants to tighten monetary conditions by engineering an equity bear market. How far can the bear market run? Here is a roadmap.
The full post can be found here.