UPDATE: 19 of 22 major Wall Street firms see a September rate hike; most call for 50 basis points

Consensus expectations from 19 of 22 major Wall Street firms for a September rate hike, with a skew toward a 50 bp move, signal tighter financial conditions and a higher discount rate. This typically pressures equity valuations and increases cross-asset volatility, while reinforcing support for the US dollar and front-end yields. Near-term risk appetite may deteriorate as markets reprice the path and terminal level of policy rates.