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This is the very definition of a unanimous hawkish pause.

The Fed leaves rates today in the range of

five and a quarter to five and a half percent while saying growth is solid and inflation elevated.

So higher for longer, policymakers leave another rate move on the table for this year and take

two reductions off the table for the next two years.

The statement once again discusses, quote,

the extent of additional policy firming that may be appropriate.

And the dot plot shows that 12 members of the Open Market Committee still believes they will raise rates by another 25 basis points this year.

The high dot at 6.5 percent comes out of the dot plot

with St. Louis Fed's Jim Bullard's retirement. For 2024, the committee now sees a median

effective Fed funds rate of 5.1 percent up 50 basis points from their June projection. And for

2025, 3.9 percent up from 3.4% in June. The long-run

neutral rate is unchanged at 2.5% although the central tendency range moves up to 3.3% from 2.8,

...