Afternoon Update – Dovish Fed Rate Hike

I know the title of the most seems contradictory, but it’s not. Powell effectively took a 75 bp rate hike off the table, which was taken as dovish relative to expectations being the market has been pricing in a 75 bp hike at 50% probability for June. SP-500 +3%, Dow +2.8% (Dow Transports +3%), NASDAQ-100…