First hike since 2023, and a unanimous one. The Fed raised the target range by 25 bps to 3.75%–4.00%, its first increase in more than three years. The vote was 12-0, with July's three hawkish dissenters now joined by the entire committee, Warsh included. We expected a hold and were wrong on the meeting. Markets had priced the move since Jackson Hole and the August CPI print settled it.
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