Fed Hikes to 3.75%-4.00%; Nasdaq Hits Record High Days Later

The striking part is the sequencing: an additional tightening move followed days later by an equity record, which undercuts the simple assumption that higher rates and risk assets must move in opposite directions. The historical averages cited point to the same ambiguity, since post-hike periods have outperformed post-cut periods over the sample. What this leaves open is whether the pattern reflects genuine growth resilience or a market reading the tightening cycle as near its end — a question the next data prints and Fed communication will have to settle.