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QCP Macro Themes, 24 September 2026 1/ Fed's September hike locked in the hiking cycle. Six of seven voting speakers hawkish—Kashkari, Musalem, Goolsbee all emphasize inflation is broad and demand-side pressure is real. Policy rate now 3.75%–4.00%. Hike camp firm; no cut advocates visible. Restrictive bias confirmed.

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