The Fed came out with a more hawkish than expected projection for rates, then the market was expecting and now sees rates rising to 5.6% by the end of this year while now seeing core PCE at 3.9% by year-end, up from 3.6% at March. Overall, this was a summary that paints a stronger-than-expected economy that is going to require more rate hikes. It is also an economy that will see rates stay sufficiently restrictive for 2024.
