"priced in" does not mean the market is perfectly valuing these assets. They can still be overvalued or undervalued. What it means is these assets have had a pr

"priced in" does not mean the market is perfectly valuing these assets. They can still be overvalued or undervalued. What it means is these assets have had a price movement in line with investor sentiment: meaning buying on this news isn't going to be a "play" anymore. It doesn't mean you should avoid these assets, just that you should be aware that there were already movements in these assets because of expected Fed action. Meaning this was "priced in."