"The growth impulse over the next several quarters will be meaningful, but there are a variety of offsets... The one sure thing we would bet on for the remainder of 2018 is more volatility in every asset class, including interest rates."
Jay Powell's first FOMC Meeting as Fed Chair brings a 25bps rate-hike (as expected, though there was a 24% chance of 50bps) and keeps expectations for 2 more hikes in 2018, but hiked its rate trajectory for 2019/2020 and replace "solid rate" with "moderate rate."
The market is hoping for 'goldilocks' as Powell faces the press and hopes to offer a 'not too dovish' and 'not too hawkish' perspective after hiking rates, and carefully signalling uncertainty over how much more is to come.
"...that’s how Trump won. It wasn’t the Russians, it was our own social media companies... It’s both horrifying, and cleverly brilliant at the same time... The funny thing is, Obama did something similar in 2012 and liberals celebrated."