I don’t think there was anyone out there who thought the Federal Reserve Open Market Committee was going to raise interest rates today. They didn’t.
What stayed the same is their commitment keeping their bond buying program in place.
What changed is their outlook on when they could see interest rate hikes coming our way. It was said prior they wouldn’t see the need for a rate hike until 2024. Well today, they forecast the prospects of the need for two in 2023.
This brought about a sell-off in the markets, though they did close off their intra-day lows.
C1P Chief 1-Percenter