Quick Thoughts – Post SEP/DOTS & Statement The Fed went with 50 bps, which we had as 60% likely in this morning’s Fed Outlook note. Initial reaction was a big pop in stocks and bonds, which is already starting to fade. 1 dissent, who only wanted 25. First dissent in a long time! While setting up for 100 bps by the end of the year (in line with our thinking), that indicates 50 and a skip, or two 25s (could have been more dovish than this). The weighted average (as opposed to median) hints that some only want 25 more. ... Quick Thoughts – Post FOMC Thoughts