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Today, the Federal Reserve raise interest rates by 75 basis points.

The target Fed funds rate is now between 3 and 3 and a quarter percent.

Now that is exactly the interest rate hike that everybody was expecting.

That's what I expected.

The reason I expected the Fed to deliver a 75 basis point rate hike is that the Fed has

gotten into a habit of delivering exactly what the markets expect.

For a while, there were some people who were thinking maybe it would be 100 basis points,

but since that was a minority position, I didn't think the Fed was going to do that.

If the majority of people thought the Fed was going to hike by 100 basis points, then

the Fed wouldn't deliver to 100 basis points.

It didn't do it because it doesn't want to upset the markets because even though Powell

...