The Fed hiked the fed funds target range by 25bp today, to between 2.25% and 2.50%, as most still expected, but tempered the move by slightly revising down Fed officials' projections for additional rate increases in 2019 and beyond. Still, with the vote unanimous and the median rate projection for end-2019 revised down by only 20bp, this was hardly the "dovish hike" that some were anticipating.
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