US stocks rallied and the Nasdaq outperformed, although gains were broad-based with the RSP +0.5%, while sectors were predominantly higher with advances led by Technology, Consumer Discretionary and Utilities, although Consumer Staples and Financials underperformed, closing marginally lower. The hawkish Fed reaction seen on Wednesday was broadly pared across markets on Thursday, with participants instead focusing on improved Fed credibility in its efforts to return inflation to target following the rate hike and Chair Warsh's steadfast commitment to restoring price stability, despite pressure from US President Trump for lower rates. This view helped support lower yields across the curve, resulting…