The market's instant FOMC report card

Mid-week market update: It's always difficult to make any kind of coherent market comment on FOMC meeting days. The market reaction can be wild and price moves can reverse themselves in the coming days.

Nevertheless, experienced investors understand that it's not the announcement that matters, but the tone announcement compared to market expectations. Bloomberg Economics conducted a survey ahead of today's FOMC meeting and found the following:

• FOMC will raise inflation, growth forecasts for 2021
• Forecasts to shift rate liftoff to 2023
• FOMC to signal bond taper at Jackson Hole in August
• Taper announcement in December
• Powell gets reappointed -- Brainard is the next option

The full post can be found here.