The latest FOMC meeting kept rates unchanged at 3.50%-3.75%, but the message was clearly more hawkish: inflation remains elevated, the Fed is no longer guiding toward cuts, and futures pricing is now leaning toward rate hikes later this year.
In other words, the denominator side of the market — discount rates and valuation multiples — is still under pressure.
Yet semiconductors rebounded strongly after hours, which is telling. Th...