The Federal Reserve sounded more dovish than many expected and this prompted a 5-7 bp drop in US rates, and the dollar fell to new lows for the week against many of the major currencies. The median Fed forecast now anticipates no hike this year but one next year. The Fed will also taper the roll-off of its balance sheet and completing it by the end of September. In December, 11 officials anticipated two or three hikes this year. Now only six see one or two hikes being necessary this year. The Fed's economic assessment was downgraded. It recognized that the economy slowed in Q1 from a "solid" Q4 18. It ... (full story)