As many had predicted and markets priced into their activity, the Federal Reserve's Federal Open Market Committee (FOMC) cut the pace of interest rate hikes by half, to 0.25 percentage points, on Wednesday.

But don't pop the champaign bottle yet. The Fed was clear that the rate hikes will continue on, although it hasn't specified a time, and that means a continuation of uncertainty and the difficulty of attaining price discovery.

While the FOMC noted that inflation had slowed, clearly that hasn't yet been enough.

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