IT is often said that one week in politics is a long time. Well, we can now add that to capital markets, too.
A week ago, this column spoke about the US Federal Reserve’s (Fed) relentless pursuit of raising rates to the extent the market was pricing in a 50 basis points (bps) hike in the coming Federal Open Market Committee (FOMC) meeting followed by an additional 25 bps each in May and June before the Fed reaches the pivot point.
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