Two messages here: 1. Terminal rate will probably be higher. 2. Next rate hike will probably be .5-point. But the market 只听到 "very firmly in the .25-point move pacing." 这句话。
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At 1:30PM(EST) Atlanta Fed said he's open to revising up his terminal rate projection of 5%-5.25% but hasn't done so at the moment. "I'm still very firmly in the .25-point move pacing."
Later, before market close, Fed governor Chris Waller said: "Recent data suggest that consumer spending isn't slowing that much, that the labor market continues to run unsustainably hot, and that inflation is not coming down as fast as I had thought" (Meaning what? .50-point in the coming rate increasing?)
