The Federal Reserve has raised the policy rate by 25bp, but signal it "may" only hike once more. This is a little more dovish than anticipated, but the Fed are not expecting recent banking woes to significantly derail the economy. We are more cautious and fear a tightening of credit conditions raises the chances of a hard landing for the economy. 25bp hike, but we are close to the peak: The Federal Reserve has hiked the fed funds target rate range 25bp to 4.75-5% as largely expected by the markets and economists. This was a unanimous decision with the committee backing the view that “some additional policy firming ... (full story)