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The recent 50-basis point increase in the overnight rate—which took the federal funds rate to 0.75%—has been on the lips of economists and industry watchers for the last week. That, coupled with the Fed’s initial steps toward quantitative tightening, has investors treading lightly. 

But the moves toward quantitative tightening were “well-telegraphed,” according to Marcus & Millichap’s John Chang, who said “it seems that Wall Street has already baked them into the market.” With that said, the Federal Reserve is making a concerted effort to get inflation back under control, and the consumer price index was 8.5% at last reading, with a new number set to be released May 11.

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