A lot - and we mean a lot - has happened since the last FOMC meeting on March 19th. Bonds, stocks, and commodites have colppased; gold has made solid gains and the dollar is unchanged as Trump's 'Liberation Day' malarkey smashed the punchbowl...

Rate-cut expectations have surged from around 2 cuts to 4-5 cuts this year...

In the three weeks since the FOMC meeting, hard data has improved significantly while soft data has crashed...

So, with all that in mind, and having heard multiple Fed speakers since (including the Chair himself) all singing from the same hymn-sheet - 'lots of uncertainty'... 'we have time to pause' etc... we will see what exactly The Fed wanted us to take from the last meeting...

A majority of participants noted potential for inflationary effects from various factors to be more persistent than they projected...
{ai:summary}<p>Since the last FOMC meeting, financial markets have seen significant volatility, with bonds, stocks, and commodities declining, while gold has risen. Rate-cut expectations have increased from 2 to 4-5 cuts this year amid mixed economic data and heightened uncertainty.</p><p>Fed participants agree on keeping interest rates unchanged due to uncertain economic outlooks and inflation risks. Most view inflation risks as potentially persistent, while employment risks are seen as downside. The Fed is cautious, awaiting clearer economic signals. #economy</p>

FOMC Minutes Confirm Fed Members Fear Trade Policy "Uncertainty", Support QT Taper

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