"The Fed No Longer Cares How Easy The Market Is": A Stunned Wall Street Reacts To Powell's Jarring Pivot

While Wednesday's FOMC statement had barely any changes in it, with the notable addition of the word "any" in the context of policy firming meant to acknowledge that the Fed is at or near the peak rate...

... it was the dot plot, where the median 2024 dot plot now forecasts 3 rate cuts up from 2,  that shocked traders: in a very rare admission by the Fed, the central bank confirmed that the pre-meeting market pricing of multiple cuts in 2024 were correct in interpreting the Fed's intentions. It also confirmed - yet again - that the market was right and every single FOMC member was wrong. In retrospect, none of this should have been a shock.