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idea of a 50 basis point hike rather than 25 and that wasn t clear necessarily at the meeting itself but we have heard from certain policymakers since that have indicated that they could have done so. and therefore you kind of lose the shock factor. i think what we are seeing here from a markets perspective is investors were not keen to listen to the fed initially a month ago. the fed was still saying this same message but the markets were only pressing and one more rate hike and potentially two cuts in its the reaffirmation of those messages against the backdrop of very strong economic data on the economy and retail spending and the labour market that has really driven in the message that actually markets may be wrong this time and actually the fed may be willing to be persistent evenif may be willing to be persistent even if that doesn t mean pushing the economy into a recession. pushing the economy into a recession- pushing the economy into a recession. , ., ., ., , recession. jero

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