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Reflections #21 - FOMC pauses but screams hawkish

FOMC meeting ended as expected with a rate pause. The message from the statement was unambigously hawkish though as the dot plot showed a move up in the median rate hike expectation to 5.625, ie another 50bp of rate hikes this year.

Markets still ended flat to higher though, as the press conference diluted the hawkish statement. Powell showed no confidence in the predictions and which led the market to rightly or wrongly doubt the current dot plot.



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