Fed September Meeting｜9/17 at 2:00 AM Market pricing indicates a 92% probability of a 25bp rate hike Rate hike + dot plot suggests this is the only hike: dovish hike, bearish impact priced in Rate hike + dot plot suggests another hike this year: hawkish hike, pressure on risk assets ⚠️ Unexpected no rate hike: considered a highly unexpected positive surprise