basically, in the old days, we would have called this shifting to an easing bias. So they shifted to basically a directive that's saying that our next move was likely to cut interest rates. And I would refer to this basically as just extra guidance in that direction. The bottom line, I mean, as you mentioned, a no big reaction one way or the other. Well, I guess if anything, the equity market liked it and so did the bond market, but a lot of this was already priced in. And I think you can almost argue that whether you're a policy hawk or a policy dove or you see the Fed on hold indefinitely or you see the Fed cutting interest rates in July, there's really something in the statement and something in the dot plots for everybody today to hang their hat on. So the market's fully priced in a 25 basis point cut in July, right? We're almost there, yeah, absolutely. And basically at least two cuts by the end of the year. But July seems to be baked in the cake. And frankly, I don't have a (7/57)
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