• Moderately hawkish decision

The market has reacted in a hawkish way across the board after the FOMC decision.

The statement removed a line saying ‘inflation has made progress’ and that’s given it more of a neutral message than the 46 bps priced into the marke

The reaction has been a roughly 25 pip rally in the US dollar, 15 points lower in the S&P 500 and 2 bps higher in yields.

That could easily be erased (or run further) on comments from Powell starting at the bottom of the hour.