"Market Volatility Continues Amid Conflicting Messages from Fed Officials"

Stocks are rebounding after a late plunge yesterday, as hopes rise for a pause in interest rate hikes by the Federal Reserve. The Bank of England has raised rates, and volatility is easing. The Fed's decision to raise rates by 25 basis points has raised questions about what's next, with the FOMC still penciling in at least one more hike this year. The Fed's terminal rate expectation of between 5% and 5.25% signals that at this point the FOMC doesn't see the need to go much higher. The battle between what the Fed says and what the market expects is far from over.