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The Federal Reserve at last raises rates, hewing to a broader consensus about the need to combat inflation. But just as significant to sentiment were the words spoken by Jerome Powell, not the substance of the actual policy. 

And as he said or didn't say the right things, the much beleaguered tech sector marched higher blowing up short positions in its path. But is this optimism in stocks durable? Probably not in the short term. 

Furthermore amidst all this macroeconomic conjuring, is the time at hand to look at bonds? If we're asking a question about bonds, surely we live in strange times.