While no one was excited about the terminal rate being pushed to 5.1% (from 4.6%) in the Fed’s dot plot yesterday, the market doesn’t believe it anyway.  The 2-year treasury yield closed at 4.23% – now below the effective Fed Funds rate of 4.25-4.50%.  The first move in equities (following an FOMC decision) is often the … Continue reading “Take a Brea(d)th” Stock Market (and Sentiment Results)…