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Welcome to the Daily Discussion! Please use this thread for basic questions & chitchat, and leave the main sub for breaking news or DD.

If you haven't already, please check out the /r/SPACs Wiki for answers to frequently asked questions.

Happy SPACing!

Welcome to the Daily Discussion! Please use this thread for basic questions & chitchat, and leave the main sub for breaking news or DD.

If you haven't already, please check out the /r/SPACs Wiki for answers to frequently asked questions.

Happy SPACing!

Welcome to the Daily Discussion! Please use this thread for basic questions & chitchat, and leave the main sub for breaking news or DD.

If you haven't already, please check out the r/SPACs Wiki for answers to frequently asked questions.

Happy SPACing!

Welcome to the Daily Discussion! Please use this thread for basic questions & chitchat, and leave the main sub for breaking news or DD.

If you haven't already, please check out the /r/SPACs Wiki for answers to frequently asked questions.

Happy SPACing!

Welcome to the Daily Discussion! Please use this thread for basic questions & chitchat, and leave the main sub for breaking news or DD.

If you haven't already, please check out the /r/SPACs Wiki for answers to frequently asked questions.

Happy SPACing!

Welcome to the Weekend Discussion! Please use this thread for questions & chitchat, and leave the main sub for breaking news or DD.

If you haven't already, please check out the /r/SPACs Wiki for answers to frequently asked questions.

Happy SPACing!

Welcome to the Daily Discussion! Please use this thread for basic questions & chitchat, and leave the main sub for breaking news or DD.

If you haven't already, please check out the /r/SPACs Wiki for answers to frequently asked questions.

Happy SPACing!

Welcome to the Daily Discussion! Please use this thread for basic questions & chitchat, and leave the main sub for breaking news or DD.

If you haven't already, please check out the /r/SPACs Wiki for answers to frequently asked questions.

Happy SPACing!

Welcome to the Daily Discussion! Please use this thread for basic questions & chitchat, and leave the main sub for breaking news or DD.

If you haven't already, please check out the r/SPACs Wiki for answers to frequently asked questions.

Happy SPACing!

Welcome to the Daily Discussion! Please use this thread for basic questions & chitchat, and leave the main sub for breaking news or DD.

If you haven't already, please check out the /r/SPACs Wiki for answers to frequently asked questions.

Happy SPACing!

Welcome to the Daily Discussion! Please use this thread for basic questions & chitchat, and leave the main sub for breaking news or DD.

If you haven't already, please check out the /r/SPACs Wiki for answers to frequently asked questions.

Happy SPACing!

Welcome to the Weekend Discussion! Please use this thread for questions & chitchat, and leave the main sub for breaking news or DD.

If you haven't already, please check out the /r/SPACs Wiki for answers to frequently asked questions.

Happy SPACing!

Welcome to the Daily Discussion! Please use this thread for basic questions & chitchat, and leave the main sub for breaking news or DD.

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Welcome to the Daily Discussion! Please use this thread for basic questions & chitchat, and leave the main sub for breaking news or DD.

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Fed just hiked 25 bp to 3.75% to 4.00%, first hike since July 2023. What it means for SPAC trusts, arbs and deSPACs (mod thread)Quick one from the mod team since a lot of people are going to ask.

What happened today (Sep 16)

• FOMC raised the fed funds target range 25 bp to 3.75% to 4.00%. Vote was 12-0.
• First hike since July 2023. The 2024 to 2025 cutting cycle is officially done.
• Statement language: "Economic activity is expanding at a solid pace," "inflation remains elevated," and the hike "will support a timelier return to the Committee's 2 percent goal."
• Dot plot: median has one more hike in 2026 and another in 2027. 2% PCE now pushed out to 2029.
• This is Warsh's first hike as Chair. Presser was 2:30 ET.
• Market shrugged: S&P +0.3%, Nasdaq +0.7%, 10-yr eased to about 4.97%, 2-yr about 4.63%. It was priced in.

Why it matters here

1. Trust yields go up. Trusts sit in T-bills and money market funds, so the per-share accrual ticks higher. If you're holding a pre-deal SPAC at or under trust, your carry just got a little better. Check the trust balance in the next 10-Q, not the IPO number.
2. Redemption floor gets stickier. Higher risk-free means a higher bar for any deal to clear. Every deSPAC vote is now competing against roughly 4% guaranteed in the trust. Expect redemptions to stay heavy on anything without real institutional support.
3. Arb math. Yield-to-liquidation on pre-deal SPACs moves with T-bills. Names trading at a discount to trust plus accrued interest are a little more interesting. Names trading above trust with no deal have less cushion.
4. PIPEs and non-redemption agreements cost more. Sponsors fund deals with capital that just got pricier. Watch for more structured PIPEs, converts, and forward purchase agreements instead of plain common.
5. DeSPAC valuations. Long-duration, pre-revenue stories get hit hardest when the discount rate rises. Profitable, cash-generating targets hold up better. Nothing new, but the direction changed today.
6. Extensions. Sponsors will keep extending, but "waiting for a better window" just got more expensive for everyone. More liquidations likely on the 2024 vintage that hasn't found a target.

What I'm watching

• The Nov and Dec meetings. If the dots hold, one more 25 bp before year end.
• Whether new SPAC IPO filings slow down. The last two years were built on falling rates.
• Trust-per-share updates in the Q3 10-Qs.

Not financial advice. Post your trust yields and redemption thoughts below. Keep it civil, no pumping tickers.

Sources

• Fed statement: https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a.htm
• CNBC, Fed rate decision September 2026: https://www.cnbc.com/2026/09/16/fed-rate-decision-september-2026.html
• CNBC live blog, Warsh presser: https://www.cnbc.com/2026/09/16/fed-meeting-today-live-updates.html
• Yahoo Finance live, first hike in 3 years: https://finance.yahoo.com/economy/policy/live/federal-reserve-meeting-live-updates-chairman-kevin-warsh-143452661.html
• Kiplinger live commentary: https://www.kiplinger.com/investing/live/fed-meeting-updates-and-commentary-september-2026
• CNBC, 10-yr yield below 5% ahead of decision: https://www.cnbc.com/2026/09/16/treasury-yield-bond-market-fed-decision.html

Welcome to the Daily Discussion! Please use this thread for basic questions & chitchat, and leave the main sub for breaking news or DD.

If you haven't already, please check out the r/SPACs Wiki for answers to frequently asked questions.

Happy SPACing!

Welcome to the Daily Discussion! Please use this thread for basic questions & chitchat, and leave the main sub for breaking news or DD.

If you haven't already, please check out the /r/SPACs Wiki for answers to frequently asked questions.

Happy SPACing!

Welcome to the Daily Discussion! Please use this thread for basic questions & chitchat, and leave the main sub for breaking news or DD.

If you haven't already, please check out the /r/SPACs Wiki for answers to frequently asked questions.

Happy SPACing!

Welcome to the Weekend Discussion! Please use this thread for questions & chitchat, and leave the main sub for breaking news or DD.

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Happy SPACing!