It was one of the most hotly awaited Federal Reserve meetings since Janet Yellen became Fed chairwoman over a year ago. The Fed on Wednesday ditched its pledges to be patient before increasing interest rates, allowing it to hike as soon as June in what would be the first upward move for close to a decade.
However, the Fed surprised markets by setting out a shallow longer-term path for rate hikes — as well as by cutting its growth and inflation projections. This changed picture likely reflects in part the recent surge in the dollar, which is dragging on the US economy. The overall message is that the Fed still wants to prime the markets for higher rates, but it is very much taking a softly-softly approach.
No more “patience”?
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