Credit Agricole CIB Research reviews the September FOMC decision.

"The Fed delivered an expected hike at the September FOMC, raising the target range by 25bp to 3.75%-4.00% for its first hike since July 2023. On top of the hike itself, we would characterize the other aspects of the meeting as having a hawkish lean, helping to ease some credibility concerns that had been percolating in the background, with long-end rates relatively contained, if not slightly lower, after the decision," CACIB notes.

"Taking everything together, we think it is unlikely that September’s hike will be a one-and-done, with the Fed likely to deliver additional tightening in the meetings to come. For now, we would lean towards a total of 75bp to remove the insurance cuts delivered late last year," CACIB adds.