The Federal Reserve raised rates 0.25% yesterday, as expected. Fed Chair Powell signaled they may be close to the end of the rate hiking cycle—acknowledging stricter bank lending standards are a form of tightening. Arguably the longest policy error since New York Fed President Strong in the 1920s is nearly over (the error was not the rate hikes, but the fanatical "hike, hike, hike" mentality without pausing to assess the damage being done).
