As expected, the Fed hiked a quarter of a point. Growth projections are up from December.
The Fed anticipates three rate hikes this year.
Here is a summary of Economic Projections.
The FOMC Statement was pure boilerplate. Nonetheless, mainstream media pored over every word as if it matters.
Here is some nonsense courtesy of Bloomberg.
In another change to the statement, the Fed said inflation on an annual basis is “expected to move up in coming months,” after saying “move up this year” in the January statement.
The statement also repeated previous language that “near-term risks to the economic outlook appear roughly balanced.”
How can any of that possibly matter?
The vote to hike was unanimous. This was a given. Everyone had to support Powell at his first decision meeting.
A group of alleged economic wizards sit at a table multiple times a year in a foolish attempt to steer the economy down the right path.
The results speak for themselves: Bubbles of increasing amplitude over time.