2026-07-29 · The Fed Broke the Balance
A hawkish three-dissent Fed hold sent the Dow to its worst day since April, flipping divergences from even to two-and-a-half-to-one bearish overnight, with the damage concentrated precisely in rate-sensitive financials, industrials and utilities.
The Signal
The Fed held rates but three members dissented in favor of a hike, and the bond market read it as the Fed falling behind on inflation. The ten year jumped sharply, and equities sold off hard: the Dow fell over eleven hundred points, its worst session since April of last year, while the Nasdaq lost close to two percent. Microsoft and Meta…
The skinny
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