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The Federal Reserve hinted that there might be a rate hike this year, and the Nasdaq dropped 1.34% immediately.
This isn't the first time they've adopted a hawkish stance, but the market's reaction has been more honest than in previous instances.
Previously, everyone was still betting on a rate cut timetable, but now suddenly they have to listen to a rate hike script.
High-valuation tech stocks took the first hit, with a straightforward logic:
Money becomes more expensive, so the story has to be discounted.