The Fed's first hike since 2023 put the ten-year through five percent on a close for the first time this cycle; the Bank of Japan's took its rate to a thirty-one-year high and the yen fell anyway. Between the two, Monday sorted the AI trade into the chips that were sold and the software that was bought, and Korea's dollar wrapper paid for the sort. The …
Two Hikes, One Sort, and the Yen That Did Not Rise
Two central banks raised rates inside four days and the market treated them as one event.
