The June 16 Fed meeting and its accompanying Summary of Economic Projections were the focus of last week's news, featuring a dot plot that points to potential rate hikes by end-year 2023 and discussion commentary about upcoming QE tapering . The market interpreted the Fed’s message as a sudden lurch toward unwinding its extraordinary policy stance in response to a strong economy and soaring inflation. Investors reversed this year’s reflation trend in the markets: • stocks posted their worst week since February, • value stocks underperformed growth stocks, • international stocks underperformed U.S. stocks, • the ... (full story)