The US federal Reserve raised interest rates another 75bps. More interestingly is that Powell will be removing forward guidance, and all future rate hikes are now data dependent. The US then recorded the second consecutive quarter of negative GDP, indicating a technical recession. Bond yields are falling on the news, and the all important Canada 5 year bond yield is now down nearly 100bps since peaking last month, indicating an upcoming decline in fixed rate mortgages.

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