Global macro hedge funds may provide a diversification benefit to offset volatility and the lasting impacts of global uncertainty. : Last week, the U.S. Federal Reserve (Fed) took the broadly expected step of raising interest rates for the first time since 2018 to attempt to rein in rampant inflation. The 25-basis point (bps) hike, while small, is significant as it marks a potential shift to a tightening regime that may set us on the path towards a more normalized approach to monetary policy.