There isn't really a way to paint this as anything other than hawkish

In our latest Investment Insights podcast, Mark Winterburn is joined by one of Julius Baer's UK Portfolio Managers, Thanh Cung, to discuss the key points from recent Federal Reserve meeting and the market's reaction. One surprise from this meeting was the signaling of a potential rate hike by Fed members earlier than previously expected. Thanh and Mark then go on to discuss the equity positioning in our UK portfolios in response to the interest rate and inflation outlook, with a particular reference to our preferred defensive sector, healthcare.