The FOMC message is that it is still on course for hiking rates later this year. The Fed previously told us it would taper, and it did. It told us that there would be a "considerable period between the end of QE and the first rate hike, and there is. It has said that it anticipates that the economic data will allow it to raise rates later this year. In March, the Fed's dot plots implied two rate hikes this year. Today's update retains this view. It does not necessarily mean a hike in September and December. However, it does seem to be a strong suggestion of a September move, barring a significant downside ... (full story)