The Federal Reserve has revised down its projected rate cuts for next year. This seems to be a surprise for the market. But there were warning signs. At the previous FOMC meeting, Jerome Powell had already started to ramp up the hawkish tone. And at this meeting, we heard

To be fair, the Federal Reserve doesn't have much choice here: • Core inflation remains stubbornly high • The labor market continues to be tight • Consumer spending stays strong • The US economy is growing at a healthy pace Looking at it through this lens, why would they cut