As discussed over the weekend, when looking at Wednesday's FOMC announcement, the market appears to be focused on one of two possibilities: a dovish Fed, where the dot plot is cut to 1+1 hikes in 2019/2020 or a very dovish Fed, in which the Fed projects 1 hike in 2019 and none in 2020, with an appropriate cut to the Fed's Summary of Economic Projections. As a result, BofA even laid out a comprehensive analysis looking at which FOMC member would have to lower their dots to reach this new level: To be sure, the market is already pricing in an uber-dovish Fed, with the Fed Funds market now expecting a rate cut in 2020. ... (full story)