Corpay chief market strategist Karl Schamotta said the Fed decision was “short
but not sweet,” noting a rapid revamp of central-bank communication that removed
almost all forward guidance and much background commentary. The committee has
clearly shifted hawkish; the median inflation forecast was raised sharply —
signaling officials do not expect the U.S.-Iran to deal this weekend materially
ease price pressures — and the median path implies at least one rate hike this
year, versus prior market expectations for cuts.
