All about the dots - 2023 rate hike start: No shock surprises on the monetary policy front (rates held at 0-0.25% and QE purchases maintained at $120bn per month split $80bn Treasuries and $40bn agency mortgage backed securities), but the forecast changes are highly significant. There are now 50bp of Fed hikes by 2023 as the median forecast of officials with 13 out of 18 going for some form of move in 2023 versus just seven when they were last polled in March. Previously they were signalling that it was more likely to be 2024 before the first hike. There are now 7 out of 18 going for a 2022 rate hike versus four ... (full story)