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Afternoon Note

Different Tone

By Karina Hernandez, Senior Research Analyst
3/14/2023 1:40 PM

There is a different tone today as the market reprices the possibility of the Fed to be more determined to see their tightening policy through. The latest CME FedWatch now sees a 73.1% (vs. 69.8% last week) for a 25bps rate hike next week, while and 26.9% for no hike.

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Financials are changing the course today with banks rallying after dropping sharply on Monday. The hard-hit First Republic Bank (FRC) is up 46% leading the S&P 500 and Financials (XLF). Another big move comes from Meta Platforms Inc. (META) after the company announced its second round of layoffs.

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News of Russian fighter colliding with a US surveillance drone above the Black Sea has pared gains in the major indices. 


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