Via Goldman Sachs’ Jan Hatzius,
The March FOMC statement and projections suggested that September rather than June appears to be the most likely date for the first hike of the fed funds rate. Although the change to the “patient” forward guidance was close to expectations, the shift in the “dot plot” was most consistent with two rather than three 25 basis point hikes to the target range occurring in 2015. In addition, changes to the Committee’s economic assessment were a bit more dovish.
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