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Markets Cheer as Fed Signals Rate Hike Slowdown. Why That’s the Wrong Takeaway.

The Federal Reserve gave the biggest indication yet that a slowdown in the pace of interest rate hikes is around the corner.

Minutes from the meeting that preceded Fed Chairman Jerome Powell’s hawkish press conference for November’s 0.75 percentage point hike, were always going to be crucial for markets. His focus on rates peaking higher than expected had been key.

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