Rates unchanged by the Fed. The "skip" or pause, whatever you want to call it is here.
Thing to note is the dot plot has priced in 2 further hikes this year and 0 rate cuts until 2024. This is why we are seeing red across the board on the news. Many traders placed bets on cuts this year. If you're thinking of making trades on this info, I'd suggest waiting for the Powell speech. He's surely going to be grilled why increase the dot plot and terminal rate (up to 5.6%), but skip now?
This whole move could be reversed, or see an accelerated sell. IWM (small caps) has sold off with this news too, so there isn't a rotation (YET). This is a risk off move so far.
Why the fuck would the market be "pricing in" cuts this year? These morons are just taking huge positions on the whims of a group of people that clearly have no idea what they are doing. It is just mind boggling.