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While yesterday’s rate increase was long-expected, and a rising-rate environment to go with it, has this already been priced in? If so, many rate-sensitive equities might not be priced to perfection any more and today’s sell-off showed that this repricing might be just getting started. This all fits with our earlier contention that we’d have months of high volatility yet to come, which might include a rapid re-test of the February lows…
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