Limited changes from the FOMC as it waits for more clarity
The FOMC’s statement and dot plot today were arguably not as hawkish as many speculated, with the Summary of Economic Projections (SEP) still pointing to one interest rate cut this year, despite an upgrade to the median projections for inflation. That reinforces our view that the FOMC would look past a short-lived inflation spike, particularly once Kevin Warsh takes the helm.
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