[UPDATE] Fed's first hike since 2023 settles into discount rates; risk appetite holds as Nasdaq rises Friday
The FOMC's Sept 16 move to 3.75-4.00%, its first hike in over three years with a dot plot pointing to one more in 2026, has bedded in without derailing tech: the 10-year yield eased to ~4.95% on the decision and the Nasdaq rose roughly 1% Friday. Higher-for-longer still weighs hardest on terminal-value-heavy AI-infrastructure and long-duration software, so the standing cross-current for every conviction call is whether a second 2026 hike gets priced. Watch the next CPI and Fed-speak for that signal.