Fed nearing the end
• Another Fed hike. Inflation trumps banking concerns with the Fed delivering another 25bp rate hike. Though its forward guidance was watered down.• Mixed reaction. Volatility around the announcements, but in the end US equities and bond yields fell with the more challenging outlook hitting home.• AUD underperforms. AUD/USD was on net little changed, but the AUD underperformed on the crosses as global growth risks intensify. The US Fed announcement and Chair Powell’s press conference was the focus overnight, and as is usually the case there was some intra-day volatility across different markets as participants digested the range of comments...