Unanimous vote by Fed to hold rates @ 4.5% this comes at no surprise to the market & forecasters considering labor reports remain mostly robust & inflationary pressures rebound FOMC statement signals hawkish changes specifically around - labor market - inflation some comments so far that support the above: - POWELL: WE DO NOT NEED TO BE IN A HURRY TO ADJUST POLICY RATE - POWELL: WITH POLICY SIGNIFICANTLY LESS RESTRICTIVE WE DON’T NEED TO BE IN HURRY Likely to see the Fed comment about current policy being close or around "neutral" rate ~ given economic influences Market reaction thus far: - $ gets bid - bond yields rise - oil gets bid - equities mixed