In the run up to yesterday’s Federal Reserve Open Market Committee meeting, there was a feeling that perhaps markets had gone too far in pricing for a dovish FOMC. Nothing of the sort. In the event, the Fed went way more dovish than the market had expected, with a remarkably dovish climb down, a move which has hit the dollar hard. Back in September they were projecting for three hikes in 2019, then in December (the last time they hiked) this was shaved back to two. However, in 2019 there has been a significant dovish turnaround, and now the dot plots are anticipating no hikes at all this year. The FOMC is data ... (full story)