Powell put the rate up .75 rather than .50, but the market is 'cheering' because he says they will stop at 3.4% and then pretty much leave it.
https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20220615.pdf
In other words, they are still stuck in 'stimulus' mode and not really 'fighting' inflation yet, so expect the debt-inflated asset prices to continue.
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