Ignore The Hawkish Fed: Not Only Is GDP About To Tumble, Next Week It Will Be Revised Sharply Lower

The Fed shocked markets today when it in its latest dot plot, the FOMC – which kept rates unchanged as expected – raised the median 2024 dot to indicate that it expects to cut rates just two times to 5.1% instead of the 4 cuts projected previously…

… as a result of modestly stickier inflation, stronger overall growth and lower unemployment. Additionally, 12 of the FOMC participants projected one more hike this year while 7 participants projected that the funds rate would remain unchanged.