Try as the Federal Reserve did Wednesday to send the message that multiple interest rate hikes are ahead, the market wasn't buying it.
Indeed, market pricing reflected a high level of skepticism that the Fed is going to do much more in terms of policy tightening.
That came even though 12 of the 18 FOMC members said they envision rate hikes totaling 50 basis points, or 0.5 percentage point, by the end of 2023.
"Fed Funds Futures aren't buying to [Wednesday's] FOMC SEP guidance of 2 more rate hikes this year," wrote Nicholas Colas, co-founder of DataTrek Research.
Powell's news conference after the decision to skip a rate hike at this week's meeting went in multiple directions.
Persons:
Quincy Krosby, Jerome, Powell, Nicholas Colas, Goldman Sachs, David Mericle, that's, Matthew Luzzetti, Christopher Waller, James Bullard
Organizations:
Federal Reserve, Fed, LPL, Dow Jones Industrial, DataTrek, Empire, Manufacturing Survey, Deutsche Bank, Louis
Locations:
St