TIMIRAOS on the Fed decision: the dot plot shows a clear hawkish tilt — 9 of 18
officials expect at least one hike this year, six expect multiple hikes and only
one expects cuts. One participant (likely Fed chair KEVIN WARSH) did not submit
an SEP. The policy statement was rewritten end-to-end and notably shortened.
Communication framework has shifted materially, which could prompt markets to
reprice the interest-rate path.
