Phil Rosen recently published an article for Business Insider in which he quoted our partner and resident Fed expert, Lundy Wright.
Lundy Wright, partner at Weiss Multi-Strategy Advisers and longtime Fed watcher, told me the key from Wednesday was Jerome Powell's emphasis on financial conditions being tighter now compared to a year ago.
"Similar to the FOMC meetings of the past few quarters, investors are demanding detailed, expected and absolute hawkish statements," Wright said. "Powell simply hedged statement after statement with conditionality, and the markets chose to focus on that as a sign that the Fed will not be hawkish going forward."
To read the article in its entirety, please click here.