The headline last week was the Fed. On September 16 the FOMC voted 12 to 0 to raise the funds rate a quarter point to a range of 3.75% to 4.00%, the first increase since 2023. Sixteen of the eighteen participants penciled in at least one more before the year is out.
The Fed Moved a Quarter Point. The Bond Market Moved the Whole Business.
September 21, 2026