I've been saying all week that you could probably sleep through Wednesday's Fed announcement - and I very nearly did.
I'm an early riser on vacation, so by the time 2:00 ET rolled around, I had already been up for over nine hours, and I had just slipped away to the gentle sound of a light drizzle when I heard CNBC announce the rate hike. Not wanting to report a foregone conclusion, I waited for all of the information to trickle in before posting a Heisenberg post-mortem (no morbid pun on my own situation intended).
There was at least one slightly hawkish surprise. There are now three hikes implied by the median Dots for 2017 as opposed to two.
(Chart: FOMC)
Here's Barclays' take:
In the summary of economic projections, the SEP, the median member believes that three rate hikes in 2017 is likely appropriate. We had anticipated that remaining