Hawkish FOMC

Rates left unchanged as expected by a vote of 12-0, no dissents. Policy Statement DRAMATICALLY Shorter. Fed Removes “Easing Bias” comments. Nine of 18 FOMC Participants Pencil in 2026 Rate Hike on Dot-Plot. One Dot is missing, most likely Warsh. Hawkish Dot-Plot No forward guidance on rates Core PCE is seen rising 3.3% this year,…