Happy Friday eve, team. Phil Rosen here. Did you catch yesterday's Fed minutes release?
It looks like central bank officials unanimously agreed that the last rate hike of 25 basis points was the appropriate size, and that slowing down the pace would "better allow them to assess the economy's progress."
But several participants would have also backed a half-point hike, the minutes showed.
That tells us we should be taking the Fed at its word: The inflation battle isn't over.
Jerome Powell has said as much on several occasions, and yesterday St. Louis Fed President James Bullard maintained that the economy can still withstand more aggressive policy.
And yet, despite the dip this week, markets right now are brimming with bullishness — and Reddit-loving retail investors are partying like it's 2021.