No rate cuts.... We've been expecting that, so no surprise. High interest rates are here to stay for a while, yeah risk assets not happy. A rate hike is back on the table instead of a cut. Officials are hinting at a hike by year-end to fight inflation. Again, our bags not happy. But Warsh is implementing something new: the Fed is done handholding the public. He's slashing the length of statements and refusing to drop hints about future moves. Nothing spells volatility quite like a surprise.(Lark Davis)