• No rate cut
  • No major changes to statement
  • Notable changes to dots as seen in chart below

Bottom line, the dot plot shows about half of the Fed moving toward the 0-1 cut camp and the other half moving to the 2-3 cut camp by the end of 2025.  

Bonds are right in line with pre-Fed levels so far and there hasn't been much volatility yet. 

20250618 dot plot.png