FOMC: dot for 2018 has remained unchanged at three hikes - Rabobank

Analysts at Rabobank acknowledged the FOMC today and come with the following observations.

Key Quotes:

"The FOMC raised the target range for the federal funds rate by 25 bps to 1.50%-1.75%. There were no dissents. This is illustrative of the more hawkish composition of the FOMC in 2018.

The median dot for 2018 has remained unchanged at three hikes, but the mean dot did increase. Only a one-dot move in June is now needed for four 2018 hikes.

The changes to the economic projections were objectively speaking relatively hawkish, but they did fell short of the ramped-up market expectations going into the meeting.

The press conference lacked a certain degree of depth and color."