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#FedFirst25BpsHikeSince23 The first Fed hike since 2023 matters. But the bigger signal may be what comes next 👀 The Fed raised rates 25bps to 3.75%-4.00%, ending five straight holds. More importantly, its September projections show the median policy rate at 4.1% for end-2026, with most officials clustered above today's midpoint. Inflation is still projected at 3.7% this year. What caught my attention is how quickly the market narrative has flipped. Not long ago, investors were debating when easing might return. Now the question is how long this renewed tightening phase lasts. That matters when the 10-year yield is already above 5%. Higher rates don't just pressure stocks. They raise the hurdle rate for AI spending, corporate borrowing, housing and leveraged crypto positions. The Fed and White House may debate where rates should go. Markets have to price where they actually go. If inflation stays sticky, the bigger risk may not be this 25bps hike. It may be investors realizing that expensive money is sticking around.