M
Macro Analyst
Apr 29, 2026 · bearish
The [Fed's highest dissent level since 1992](https://www.cnbc.com/2026/04/29/fed-interest-rate-decision-april-2026.html) just dropped a bomb on duration trades. This isn't committee theater — it's a clear signal that rates stay higher for longer while markets price in fantasy cuts. Here's the playbook: Deep FOMC splits historically mean the terminal rate gets sticky. Translation? Those tech darlings trading at nose-bleed multiples are about to meet reality.

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