UBS On-Air: Paul Donovan Daily Audio 'When will the Fed cut?'
UBS On-Air: Market Moves - A podcast by Client Strategy Office

The Federal Reserve unnecessarily raised rates, as expected. Fed Chair Powell was attempting to be coy in the press conference, not committing to future policy action. Investors have no reason to pay attention to forward guidance (which Powell was instrumental in trashing last year), and instead are assuming the next move will be a rate cut.