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The Fed delivered the expected 25bp hike, but the real headline was the dot plot. 12 of 18 Fed officials now see at least one more hike this year, while 4 are projecting two additional hikes. For the last couple of years, the debate was mostly about when cuts would begin—not whether rates were ultimately heading lower. Now the conversation has changed. Another hike is back on the table, with rates potentially staying above 4% for longer. That’s a meaningful shift. #DailyOrbit