Fed Powell spoke on Weds as part of the two day Federal Open Market Committee meeting ended and downgraded the economic growth forecasts from a GDP of 2.3% to 2.1%. The committee reiterated a patient stance, while keeping interest rates unchanged. The Fed now sees no rate hikes in 2019, while leaving one rate hike in 2020. This is a stark difference just from six months ago.
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The Markets digested the tone as unexpectedly dovish. While bonds rallied, the 10-year Treasury note yield fell 7.7 basis points to 2.537%, its lowest since Jan. 2018 and the 30-year bond yield fell 5.2
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