- Things out of the Fed this afternoon sound somewhat hawkish - the central bank hiking rates 25 basis points, holding fast to its expectations for three more moves in 2018, and a sizable increase in its estimate for GDP growth next year (alongside a decent drop in the expected unemployment rate).
- Outgoing Chair Janet Yellen, however, was not able to keep the doves in line, with the Chicago Fed's Evans and the Minneapolis Fed's Kashkari both dissenting from today's vote to raise rates.
- Next year, though, will see both of those doves rotating out of voting membership on the FOMC. Among those getting votes will be hawks at the San Francisco and Cleveland Feds.
- The 10-year Treasury yield remains down about four basis points. TLT +0.6%, TBT -1.2%
- Gold (NYSEARCA:GLD) has added a bit to gains, now up 0.8%, while the dollar (NYSEARCA:UUP) remains just modestly lower.
- Janet Yellen's press conference begins at 2:30 ET.
- Previously: Fed still sees three rate hikes next year (Dec. 13)
- Previously: Fed hikes rates for third time this year (Dec. 13)
- Now read: GLD: Long Play Has No Catalyst
Original article