Statement Tracker

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The above image from the Wall Street Journal Statement Tracker.

Bond yields collapse. I will have some charts in just a bit. The statement revisions are substantial, but not massive. The Dot Plot change was massive.

Dot Plot December 2018

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That's quite a change. Note in particular the Fantasyland projections for 2020 and 2021.

Powell: 'A Great Time for Us to Be Patient'

Fed Chairman Jerome Powell has already fielded a series of questions trying to pin him down on whether, and in which direction, the Fed is inclined to adjust policy. But he's clearly not planning to provide much guidance on that question today.

"Data we’re seeing are not currently sending a signal," of needing to move in either direction. It's "a great time for us to be patient," Mr. Powell said.

The above from Federal Reserve Interest-Rate Decision—Live Analysis.

Inversions are now massive. Some charts coming up shortly.

Meanwhile, here is the pun of the day question.

Mike "Mish" Shedlock

Fed Cuts Rates 1/4 Percent, Three Dissents: Dot Plot Suggests No More 2019 Cuts

The Fed cut interest rates 25 basis point to a target of 1.75% to 2.00%. There were three dissents.

Fed Hikes as Expected, Dot Plot of Expected Hikes Changes Significantly

The Fed did little this month but babble the same story about strong jobs and its dual mandate. Expectations did change.

Mortgage Rates Move Higher on Fed Dot Plot Projections

How many hikes can the Fed get in this year? The Fed estimate is two more. Mortgage rates rose on the news.

Fed Hikes 1/4 Point as Expected: Dot Plot Indicates One More 2018 Hike Coming

In its FOMC statement, the Fed says the economy continues to strengthen, unemployment is low, and spending is strong.

Fed Minutes Suggest Gradual Rate Hikes Coming: Little Market Reaction

As expected, the Fed signaled gradual rate hikes are coming.

Dot Plot Shows 3 Hikes in 2018: Fade the Consensus

The Fed hiked 1/4 point with no unexpected discussion. A Dot plot shows Fed participants believe 3 more hikes are coming

Fed Eyes Long Pause, No Rate Hikes in 2020

The Fed held rates steady today citing low inflation. Members expect a long pause.

Dot Plot Fantasyland Projections

The Economic projections made at today's FOMC meeting are straight from Fantasyland

Market Gives Finger Formation to Fed's Dot Plot Take

The Median Fed projection at the Dec FOMC meeting was 2 more hikes in 2019. In September it was 3. Hikes now priced out.