While The Fed gushed over just how dovish it was today, willing to do absolutely nothing despite forecasting significant economic growth, inflation, and employment gains (with median rate expectations remaining at lows), there was a hawkish tilt across members who see multiple rate hikes in 2022 and 2023...

Source: Bloomberg

But hopeful comments about SLR helped remove some overhangs, sending stocks and bonds soaring as the dollar dumped.

Treasuries erased the day's early weakness...

Source: Bloomberg

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