Buy to the sound of cannon

The Fed delivered as expected and promised six 25bps hikes in the Fed Funds rate this year. There was only one supporter for +50bps increase at the meeting. So not too hot and not too cold for markets. However, markets also got media reports that Russia and Ukraine were on the brink of peace. I have crawled over the data at length for 18 hours and disagree. The markets have no inside track.

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