Breaking: Fed raises rates for first time in 1,148 days, lifts target to 3.75%–4%

The Fed's 25bp rate hike to a 3.75%–4% target range signals tighter financial conditions and a higher discount rate across risk assets. This typically pressures equity multiples, raises funding costs, and supports the USD and front-end yields, while weighing on credit-sensitive and duration-heavy exposures. Near term, volatility can rise as markets reprice the policy path and terminal rate expectations.