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per application pricing not available for everyone. Good evening everybody. Well, the

Fed did it again. They raised interest rates another quarter of a point. So the Fed funds

target range now is five to five and a quarter. Now, remember initially, I thought that they

might not have hiked. This was a while ago, based on the beginning of the financial crisis,

I thought that might have been a catalyst for the Fed to pause. But then the Fed made

it pretty clear that it wasn't going to be distracted from its mission. It never really

acknowledged that this was a financial crisis, kind of like a mere bump in the road, nothing

to really worry about. And so the Fed made it clear and the markets anticipated that the

Fed would in fact hike by 25 basis points. And that is exactly what they did. That's what

I've been expecting now for the last couple of months, because I know from past experience

that the Fed always does whatever the markets expected to do. It's kind of afraid to do

anything different than what the markets expect. So it was to figure out what the markets want.

And then that is exactly what it delivers. Now, I think though that more people were hopeful

that the Fed would have stronger language that this was the last hike, that this was it,

that they had reached the peak of the rate hike cycle. And I don't think the markets got

that today from Powell. And that's why I think the market sold off. It didn't sell off

a lot, although we'll see how much more we get tomorrow. But the doubt finished down about

275. That was the low of the day, although initially when we got the news, there was a small

relief rally because the markets thought maybe the Fed was going to give them that. Of course,

...