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The FOMC dropped its dot-plot and it was unequivocally more hawkish than the Dec dots with 2024 flat at 3 cuts (though more voters moved towards only 50bps), but 2025 and beyond saw rate-cuts erased from the projections...

Powell reiterated his long-held view that the dot-plot does not amount to a "plan".

Powell calls the longer run interest rate change "pretty modest".

“I don’t think we know that,” Powell says about whether this will be a lasting trend.

However, Powell did admit rates are unlikely to be going ZIRP anytime soon:

“I don’t see rates going back down to that level but I think there’s tremendous uncertainty on that.”

If the Fed eases too much or too soon, he says, we could see inflation come back...

To read more visit Zero Hedge.

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