After today’s FOMC meeting, Jerome Powell stated that the Committee has voted unanimously to leave the Fed Funds rate unchanged. The updated Summary of Economic Projections shows that members believe GDP will increase 2.1% this year vs. their projection of 1.4% in December. They also moderated their projected Unemployment Rate from 4.1% to 4.0%.

Though both of those stats are both inflationary, Mr. Powell stated that the Fed’s policy rate is at it’s current peak.  Immediately, CME group changed their forecast to a 68% chance that the Fed cuts their rate by 1/4% at the June 12th meeting. What a difference 48 hours makes.