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Deciphering what the Fed did this week, what it will do next and what that means for markets

Federal Reserve Jerome Powell testifies during a Senate Banking Committee hearing on "The Quarterly CARES Act Report to Congress" on Capitol Hill in Washington, U.S., December 1, 2020.
Susan Walsh | Reuters

The Federal Reserve looks set to begin removing easy policy this year, but the market took the message in stride and stocks rallied.

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