Dovish dot plot, future rate hike outlook and inflation outlook are all within expectations. Short-term rates like 2Y are rising, while long-term rates like 30Y are falling, leading to a flattening yield curve. In a high-interest-rate environment, a flattened curve isn’t necessarily bad for risk asset markets—gold is down, VIX is down. This was a rate hike in line with market expectations. The FED under the Walsh era is still acting rationally. Rate hikes bring short-term pressure, but in the long run, they’re beneficial. Even without a hike, the market-driven long end would tighten further. In simpler terms, it’s all about how market rates are traded—what’s meant to rise will still rise, and a rate hike doesn’t automatically mean a drop. Rate hikes/cuts are always sequential. There’s no doubt we’ll see a second rate hike. What really needs attention in trading is the terminal level of this rate hike cycle.