Collapsing economic data, weaker PCE forecasts (1.7% vs 1.9%), but stronger economic growth guesses (2.2% vs 2.1%) and The Fed hikes rates and doesn't just maintain its rate trajectory but pulls forward the beginning of balance sheet unwinds. We look forward to Janet explaining how everything is so awesome...

Federal Reserve officials forged ahead with an interest-rate increase and additional plans to tighten monetary policy despite growing concerns over weak inflation.

"Near-term risks to the economic outlook appear roughly balanced, but the committee is monitoring inflation developments closely," the Federal Open Market Committee said in a statement.