Posted 9:30 AM ET – Yesterday the Fed raised rates by 25 Basis Points and that was expected. There was a slight chance that the Fed would hike by 50 basis points and the market rallied when that did not happen. The macro back drop has not changed much this week. The Fed is hawkish and it sees 25 basis point Rate hikes at each of the meetings the rest of the year (1.75%) and 3 rate hikes next year. The first rate hike will not have much of an economic impact because interest rates are still near historic lows. Each …